During this week, FBR Chairman, Mr Shabbar Zaidi meet with the chief Financial Officers (CFOs) of the banking industry, whereby both the stakeholders decided on the mechanism of provision of information of bank account holders whose tax was deducted on the cash withdrawals and other banking transactions under section 231A and 236P respectively.
Deadline of 17th June 2019 has been given to banks to provide the said information, whereby on the basis of this information FBR will issue notices to those bank account holders whose minimum balances have 5 Lac or more and tax has been deducted on the transactions. In the first phase information of tax from 1st January 2018, with the names of account holders and CNIC Nos will be provided to FBR.
Purpose of this activity is to bring the non filers bank account holders in the tax net and for this purpose letters will also be written to the account holders to avail the tax amnesty scheme and declare there benami assets and income.
No filers who have already paid high rate of taxes on banking transactions should ready now to face the tax notices from FBR, it will help to increase the tax base and in the first phase such non filers will be motivated to avail the tax amnesty scheme of 2019 and afterwards notices will be circulated.