FBR issues notification for integration with 'RADAR' System
The Federal Board of Revenue (FBR) has identified specific
entities, including remittance gateways licensed by the State Bank of Pakistan
(SBP), to integrate with its real-time accessed data analysis repository
(RADAR). This move aims to provide the FBR with immediate access to information
and databases related to economic transactions.
The FBR has released a comprehensive list of integrated
organizations, encompassing agencies, authorities, institutions, or
organizations outlined in section 175A of the Income Tax Ordinance. These
entities are slated for integration with the FBR's RADAR system.
FBR
designates 34 banks as SWAP agents
Furthermore, the FBR has outlined a roster of financial
institutions mandated to integrate with RADAR, offering real-time access to
economic transaction data. This list includes Non-Banking Financial
Institutions (NBFIs) licensed by SBP, Asset Management/Mutual Funds
Institutions, commercial banks, Micro Finance Banks, Development Financial
Institutions (DFIs), Real Estate Investment Trusts (REITs), Insurance
Companies, National Investment Trust Limited, Pakistan Mortgage Refinance
Company Limited, Pakistan Stock Exchange, Pension Funds (registered under
Voluntary Pension System) Accounts/DDO Offices, Provincial Excise and Taxation
Departments (excluding Motor Vehicle Registration information), private pension
funds and trusts (registered with FBR), Provident Fund Institutions (registered
under Provident Fund Act 1925), House Finance Companies, Investment Banks,
Micro-finance Banks (Easy Paisa, Jazz Cash, etc.), Modaraba companies, National
Clearing Company of Pakistan Limited, NIFT and RTGS, Non-Banking Financial
Companies (NBFCs), Payment Aggregators, Payment Service Providers (PSPs), and
Payment Service Operators (PSOs), and Remittance Gateways (SBP Licensed).
FBR
to impose penalties on banks for hiding account holder information
The entities specified in section 175A that are to be
integrated include the National Database and Registration Authority (NADRA),
Federal Investigation Agency (FIA), and the Bureau of Emigration and Overseas
Employment. NADRA's integration covers information related to National Identity
Card, Pakistan Origin Card, Overseas Identity Card, Alien Registration Card,
and other details contained in the Citizen Database. Meanwhile, the FIA and the
Bureau of Emigration and Overseas Employment will provide details on
international travel, entry and exit information, work permits, employment
visas, and immigration visas for all individuals.
Source: Business Recorder