Banks Agreed To Provide Transactions Info To FBR
Faizan Hashmi Published September 24, 2020 | 10:55 PM
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
ISLAMABAD, (UrduPoint / Pakistan Point News - 24th Sep, 2020 ) :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.
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 IT solution developed by FBR, said FBR press release issued here Thursday.
This technical solution will provide interface to banks through which banks will share the relevant information with FBR in real-time, it added.
The banks have agreed to share information with FBR from September 18, 2020 by using interim IT solution developed by FBR IT team.
Dr. Ishrat Hussain, Adviser to Prime Minister on Austerity & Institutional Reforms played a key role towards ironing out the long outstanding issues between FBR and banks.
Recent Stories
Pak Vs NZ T20I: Orphaned children extended special invitation to watch match
Finance Minister lauds UNDP’s unwavering support during floods
President Raisi leaves for Iran from Karachi
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 24 April 2024
Today Gold Rate in Pakistan 24 April 2024
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
More Stories From Business
-
Foreign exchange rates
2 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 24 April 2024
3 hours ago -
Today Gold Rate in Pakistan 24 April 2024
4 hours ago -
Afghan trade delegation, FPCCI discuss bilateral trade
14 hours ago -
With knowledge economy, Mauritius is a stable economy: Envoy
14 hours ago -
Aurangzeb reiterates govt's resole to reduce poverty, promote sustainable development
15 hours ago
-
Finance minister meets Chairman Anjuman-e-Tajran; discuss issues of business community
15 hours ago -
Govt ensuring digital access as fundamental right: Ahsan Iqbal
16 hours ago -
WHO delegation calls on Chairman FBR
16 hours ago -
Bill drafted to regulate veterinary sciences and animal welfare: Tanveer
16 hours ago -
General Motors lifts 2024 profit forecast after strong Q1
17 hours ago -
Pakistan aims to reach $3 trillion economy by 2047: Ahsan Iqbal
17 hours ago