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FBR seeks details of account holders for automatic exchange of information

FBR seeks details of account holders for automatic exchange of information

ISLAMABAD: Federal Board of Revenue (FBR) has asked financial institutions to provide details of their account holders by May 31, 2019 for the purpose of automatic exchange of information with OECD member countries.

The FBR in a notice sent to Pakistan Stock Exchange (PSX) said that as per section 165(B) and 107(1) of Income Tax Ordinance, 2001 and other applicable domestic laws and rules related to Automatic Exchange of Information (AEOI), the Reporting Financial Institutions are required to obtain and maintain certain information about their account holders in accordance with the CRS Rules notified by FBR through SRO166(I)/2017 on March 15, 2019, which has to be reported to FBR on an annual basis on May 31 of every year.