Federal Board Revenue seeks data of individuals with bank accounts of Rs500,000 or moreIslamabad Whether under pressure of Financial Action Task Force to make assets declaration amnesty scheme, the government has finally decided to properly handle benami bank accounts and transactions as well as properties.
In first concrete step, The Federal Board of Revenue (FBR) has asked all commercial banks to write a letter to account holders whose deposits are Rs500,000 or more and make it sure that these accounts are not benami accounts. Sample of this letter has also been drafted by FBR which would be written to all account holders. Geo News is in possession of this letter. Banks have been directed to provide the date of withholding tax deducted from accounts of clients who are not filing income tax returns.
These directions were issued after the marathon meeting of Chairman FBR with Chief Financial Officers of all commercial banks.
As per detail of the meeting minutes sent to banks, Chairman FBR emphasised that in the backdrop of FATF requirements it is imperative that banks must with the Know Your Customer requirements and help their customers.
Banks are also directed to provide the data of withholding taxes in the first stage. FBR ensured banks that confidentiality of the highest level in handling and managing such information and data will be maintained. As agreed, banks will provide the date of withholding taxes from January 2018 to onwards with CNICs of the withholdees to FBR by 17th June 2019.
FBR has also highlighted that the Assets Declaration Scheme 2019 was a window of opportunity through which problems could be addressed effectively. Reported By Geo tv