The federal government has decided to tighten monitoring of individuals conducting financial transactions beyond their declared income, officials revealed on Tuesday. Federal Board of Revenue (FBR) Chairman Malik Amjed Zubair Tiwana informed the National Assembly’s Standing Committee on Finance, chaired by Syed Naveed Qamar, that banks would assist in identifying discrepancies between declared income and actual transaction volumes. “We will share taxpayer income and turnover data with banks using national identity card details,” Tiwana said. “Banks will be required to report transactions that do not match the FBR’s records, but they will not be instructed to block them.” Under the new mechanism, financial institutions must flag transactions exceeding the declared income in wealth statements or tax returns. “The focus is on transparency. Any significant deviation will be reported to the tax authorities,” Tiwana added.
FBR to monitor bank transactions exceeding declared income
The federal government has decided to tighten monitoring of individuals conducting financial transactions beyond their declared income, officials revealed on Tuesday. Federal Board of Revenue (FBR) Chairman Malik Amjed Zubair Tiwana informed the National Assembly’s Standing Committee on Finance, chaired by Syed Naveed Qamar, that banks would assist in identifying discrepancies between declared income and […] مضمون کا ماخذ : نتیجہ ڈوپلا سینا
