Banks will report if transaction volume of concerned person does not match FBR data
Islamabad: The Federal Bureau of Revenue (FBR) has decided to tighten the noose around individuals who make transactions worth more than their declared income.
Speaking at the National Assembly Standing Committee on Finance meeting, FBR Chairman Rashid Mahmood Langrial said that data on taxpayers’ income and turnover based on their identity cards will be shared with banks.
Rashid Mahmood stated that banks will be asked to report if the transaction volume of the concerned person does not match the FBR data.
According to the FBR Chairman, it will be mandatory to report on transactions worth more than the income declared in the wealth statement or tax return. Banks will be asked not to stop the transaction but to provide the report to the FBR.
KFC picks Coca-Cola as US soda supplier, ditches longtime partner PepsiCo
- 9 گھنٹے قبل
Halo’s co-creator wrote a novel about AI taking over the world
- 10 گھنٹے قبل
Tesla unveils next generation Roadster sports EV with SpaceX thrusters
- 8 گھنٹے قبل
Your flu shot can’t wait
- 17 گھنٹے قبل
The AI race is back on
- 10 گھنٹے قبل
The Fitbit Edge is for folks who don’t want to go totally screenless
- 10 گھنٹے قبل
Microsoft’s new AI chip makes it less reliant on Nvidia’s GPUs
- 10 گھنٹے قبل
Jodar apologises for swearing at ball kid in Shanghai
- 3 گھنٹے قبل
Trump is taking his midterms anger out on Ukraine
- 17 گھنٹے قبل
Pakistan warns India against any misadventure: FO
- 5 گھنٹے قبل
Indian police detain 'cockroach' movement founder Dipke ahead of protest
- 6 گھنٹے قبل
Microsoft and Japan took down a cybercrime network behind over a billion scam messages
- 10 گھنٹے قبل
