Pakistan Banks Association (PBA) and FBR Agree to Share Information under Income Tax Ordinance, 2001

FBR and PBA agree onto sharing information with each other under implementation of modalities of Section 165 and 165A of the Income Tax Ordinance, 2001. It has been agreed upon that banks will start providing information in respect of cash withdrawals, deposits, credit card payments and profit on debt to FBR through an IT solution developed by FBR. This technical solution will provide interface to banks through which banks will share the relevant information with FBR in real time.