FBR ACCESS BANK ACCOUNTS DETAILS | BANKS AGREED TO PROVIDE ACCESS | FBR AND BANKING SYSTEM

Account holders deposits statement means account holders deposits statement as specified in Form A;

The banking companies reporting requirement for purposes of section 165A of the Ordinance.

Banking company officer means a senior officer stationed at the head office and nominated by a banking company to coordinate with the board for the provision of any information and documents required by the board

Credit card payments statement means credit card payments statement as specified in Form B; Cash withdrawal statement means cash withdrawal statement as specified in Form C; Information includes account holders deposit statement, credit card payment statement, cash withdrawal statement, profit on debit statement and details of any information or data as required by the board from the banking company in terms of section 165A(2) of the Ordinance;

Reporting banking company means a banking company required under section 165A of the ordinance to provide to the board all the information and documents electronically or otherwise, mentioned in the said section and Profit on debt statement means profit on debt statement as specified in Form D.

Furnishing of Information:

The information, required to be furnished under section 165A of the Ordinance shall be provided by the reporting banking company, in the manner as specified in account holder deposits statement, credit card payments statement, cash withdrawal statement and profit on debt statement.

Authorized Persons:

1) Banking company officer, shall be nominated by the reporting banking company not later than thirty days of coming into force of the rules contained in this chapter.

The information required to be reported to the board shall be provided by the banking company officer to the Federal Board of Revenue.

2) Where banking company officer is not nominated with the time allowed as specified in sub-rule (1) president or principal officer of the reporting banking company, stationed at the head office. Shall be treated as banking company officer. .

Time of furnishing information:

Every banking company officer shall furnish to the board an annual profit on debt statement as specified in Form D for immediately preceding calendar year within three months of the end of the preceding calendar year

1) Every banking company officer shall furnish to the board a monthly account holders deposits statement, credit card payments statement and cash withdrawal statement as specified in Form A, Form B, Form C respectively, for immediately preceding calendar month within seven days of the end of the preceding calendar month.

Record Keeping for due diligence procedures:

If a person enters into any arrangement for the purpose of avoiding any obligation under Common Reporting Standards Rules in Chapter XIIA of the Income Tax Rule 2002 by misrepresentation or suppression of facts all the provisions of the Income Tax Ordinance, 2002 and the Income Tax Rules, 2002 shall apply accordingly.

Reporting financial institutions shall keep record of the steps undertaken and any evidence relied upon for the performance of the due diligence procedures and measures to obtain such records for at lease five years after the end of the period within which the reporting financial institution must report the information required to be reported.

Date for filing of common reporting standard reports:

The annual domestic reporting date for filing of common reporting standards by reporting financial institutions shall be 31st May of each Year.

Avoidance of obligation:

Power to call for record and inspect premises:

The Federal Board of Revenue may in accordance with law compulsorily enroll a reporting financial institution if the said institutions fails to enroll with the department through AEOI Portal on FBR’s official website tax's info fbr and banking system

Under the law may be required to furnished along with full and free access to any premises, place, accounts, documents or computer of reporting financial institutions by FBR or any person authorized by the Board. Board may under the law compel assistance of any person including State Bank of Pakistan, Securities and Exchange Commission of Pakistan and any such organization, body etc.

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