FBR Makes it Mandatory for JazzCash, EasyPaisa to Share Financial Data

The Federal Board of Revenue (FBR) has made it mandatory for the Micro-finance Banks (Easy Paisa, Jazz Cash, etc.) to provide real-time access to its information and database relating to economic transactions to the FBR’s “real-time accessed data analysis repository (RADAR).

The FBR has issued a list of “integrated organizations” covering any agency, authority, institution, or organization mentioned in section 175A of the Income Tax Ordinance, which would be integrated with the FBR’s “real-time accessed data analysis repository (RADAR)”.

The financial institutions bound to provide real-time access to information and databases relating to economic transactions to the FBR are:

• Non-Banking Financial Institutions (NBFIs) licensed by SBP;
• Asset Management / Mutual Funds Institutions;
• commercial banks;
• Micro Finance Banks;
• Development Financial Institutions (DFIs);
• Real Estate Investment Trusts (REITs);
• Insurance Companies;
• National Investment Trust Limited;
• Pakistan Mortgage Refinance Company Limited;
• Pakistan Stock Exchange;
• Pension Funds (registered under Voluntary Pension System) Accounts,/DDO Offices;
• Provincial Excise and Taxation Departments (concerning information other than Motor Vehicle Registration);
• private pension funds and trusts (registered with FBR);
• Provident Fund Institutions (those registered under Provident Fund Act 1925);
• House Finance Companies;
• Investment Banks;
• Micro-finance Banks (Easy Paisa, Jazz Cash, etc.);
• Modaraba companies;
• National Clearing Company of Pakistan Limited;
• NIFT & RTGS; Non-Banking Financial Companies (NBFCs);
• Payment Aggregators;
• Payment Service Providers (PSPs) & Payment Service Operators (PSOs) and Remittance Gateways (SBP Licensed).