FBR seeks data of individuals with bank accounts of Rs500,000 or more

Bilal Raza

Prime Minister (20k+ posts)
239301_5675099_updates.jpeg

ISLAMABAD-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 (KYC) 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.

Further, Chairman FBR sensitizing the emerging scenario in the Benami Transaction (Prohibition) Act, 2017 said such business cannot continue as usual and we have to act fast in accordance with needs of the country. The banks should act fast without causing any problem/panic/disturbance for their customers, the letter stated.

FBR has also highlighted that the Assets Declaration Scheme 2019 was a window of opportunity through which problems could be addressed effectively.



Source
 

insouciant

Minister (2k+ posts)
Yaani, jo sharafat se paisa bank mei rakhte hein phir unki hi bund maarni hai tang kar k??? ??

Get the list of cars and properties out and go after the big tax evaders who deal in cash to hide their loot maar!
 

kakamuna420

Chief Minister (5k+ posts)
go after rental income. and if somebody didn't pay it then get for the last 5 years. It is easy to find the culprits using data from utilities
 

BrotherKantu

Chief Minister (5k+ posts)
ترقی یافتہ ملکوں کی طرح سب کو اپنا سالانہ آمدنی اور خرچ کا گوشوارہ جمع کرانا لازمی ہو نا چاہیے

کب تک یہ قوم ان پڑھ ہیں کا بہانہ بنا کے حساب کتاب سے جان چھڑاتی رہی گی.

بہت ہو گیا جہالت کا بہانہ



.
 

islamabadi

Minister (2k+ posts)
I dont really understand how the law works......is a person supposed to justify the source of funds or is it the government who has to prove that funds were "black" ?
 

insouciant

Minister (2k+ posts)
Though I'm a filer, but I had my bank accounts seized 4 times during 2016-2018. And each time the problem was that: Sir! thora daal paani daedein!

I told them best of luck to get a penny out of me, but I did have to pay a ton to a lawyer to get my accounts unfrozen! Thankfully since Khan's government has come I haven't received any notice again. But it seems they are going to start the same chootiapa again! If it happens again now, I'm moving to bankless living on cash! ? ? ?? ?

Sharafat se paisa bank mein rakhte hai lekin tax nahi dete to un ki nahi maar ni chaiye ?
 

insouciant

Minister (2k+ posts)
It's the first case. Burden of proof is on the Person and he has to justify the sources of Funds. It's the same case all over the world!

When you file the tax return, you mention your sources of income, expenses, savings, assets etc. and tax payable by you. All the figures should tally. The government audits it randomly and if they discover that they don't align with each other or that you have hidden something then you are penalized for it!

I dont really understand how the law works......is a person supposed to justify the source of funds or is it the government who has to prove that funds were "black" ?
 

insouciant

Minister (2k+ posts)
I don't think you can deduce from this that 48.6 million people are not filing taxes! Many have multiple accounts. Some people have as many as 50 for various business/personal reasons.

Secondly, I think there are a huge number of accounts with less than PKR 10,000/- in them. So someone needs to show the breakdown of the 50 million accounts to help really deduce a number of "potential" defaulters!

There are more than 50 million bank accounts in Pakistan and only 1.4 million filers...