Federal Board of Revenue (FBR) and Pakistan Banks Association (PBA) have finally agreed on the implementation modalities of Section 165 and 165A of the Income Tax Ordinance, 2001, a press release issued by the FBR here said on Thursday.
It has been agreed that banks will start providing information in respect of cash withdrawals, deposits, credit card payments and profit on debt to FBR u/s 165 and 165A of the Income Tax Ordinance, 2001 through an IT solution developed by the FBR.
This technical solution will provide an interface to banks through which banks will share the relevant information with FBR in real time. The banks have agreed to share information with FBR from September 18, 2020 by using interim IT solution developed by FBR IT team.
Adviser to Prime Minister on Austerity and Institutional Reforms, Dr. Ishrat Hussain, played a key role towards ironing out the long outstanding issues between FBR and banks, the press release said.
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