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Banks agree to share details of their account holder

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Recently, the banks made a deal to check the undocumented money in banks. As a result of this deal, banks have agreed to share details of their account holders to tax authorities. There was a meeting between Syed Shabbar Zaidi, Chairman Federal Board of Revenue (FBR) and chief executives of commercial banks. In that meeting, they made an agreement that they signed in Karachi at large taxpayer unit on 27t November 2019.

A source has informed that “The PBA (Pakistan Banks Association) has agreed to withdraw its petitions from the High Courts. Also, they agreed to provide account holders’ information under section 165A (of the Income Tax Ordinance, 2001). It would enable the tax department to access real-time information of transactions made through the banking system.”

Moreover, there are some reports saying that banks will withdraw the petition by next week. To make it legal, here is an article from the constitution. The section 165A says that the banks will be accountable to give the details of financial transactions to the FBR which their account holders make.

Additionally, the reports claimed that the chairman of FBR said that the recently mentioned section of 165A was amended in 2014. Then they again amended it in 2018 and recently through Supplementary Finance Amendment Act, 2019. The PBA recommended this amendment. On this, Syed Shabbar Zaidi said: “The PBA and its members should not have any objection on the implementation of section 165A of Income Tax Ordinance, 2001.”

According to the law, the banks had to provide the details of their account holders. The details will include the lists of people who will make the transaction of Rs50, 000/day or over Rs1 million/month. Also, they will provide the list of people who deposits of Rs10 million per month, credit card payment of Rs250,000 per month. Also, the person who receives profit on debt above Rs500,000 per year will be on the list.

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