FBR to look for bank transactions different from declared income
The federal government has moved to strengthen oversight of financial
transactions that exceed individuals' reported income, officials revealed on
Tuesday.
Malik Amjed Zubair Tiwana, Chairman of the
Federal Board of Revenue (FBR), informed the National Assembly’s Standing
Committee on Finance, led by Syed Naveed Qamar, that banks would play a key
role in identifying inconsistencies between declared income and actual
transaction volumes.
“We will share taxpayer income and turnover data
with banks using national identity card details,” Tiwana explained.
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He clarified that while banks would be required
to report transactions inconsistent with FBR records, they would not be
directed to block such transactions.
Under the new system, financial institutions
will flag any transactions surpassing the declared income listed in wealth
statements or tax returns.
“The main focus here is transparency. Any
significant deviations will be reported to tax authorities,” Tiwana added.
During the meeting, Pakistan Muslim
League-Nawaz (PML-N) lawmaker Bilal Azhar Kayani explained that non-filers
would now be allowed to buy property for the first time, while existing
taxpayers could acquire additional properties for themselves, their parents, or
children.
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He emphasized that real estate transactions
could still be conducted using cash or equivalent assets, but all such deals
would undergo heightened scrutiny.
Committee Chairman Naveed Qamar inquired about
the inclusion of asset definitions in the legislation, to which Tiwana
responded that this was crucial to ensure transparency.
This initiative is part of Pakistan's broader
effort to boost tax compliance and address financial irregularities.
Source: Express Tribune