SBP to Get Bank Data Access Under New Centralized Digital System
Meanwhile, the State Bank of Pakistan (SBP) will be allowed to establish and operate a centralized digital system containing banking information and financial transactions under amendments to the Income Tax Ordinance 2001.
Meanwhile, the State Bank of Pakistan (SBP) will be allowed to establish and operate a centralized digital system containing banking information and financial transactions under amendments to the Income Tax Ordinance 2001.
Article outline
- What happened
- Why it matters
- The bottom line
Key points
- Only cases involving a significant mismatch will be referred to the Federal Board of Revenue's Compliance Risk Management system for further action by the National Faceless Centre.
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- Under the newly inserted Section 165AB, banks and electronic funds institutions will be required to electronically upload prescribed information on account holders whose deposits or withdrawals exceed Rs.
- The data will be processed through an automated system to cross-check banking and tax information.
Under the newly inserted Section 165AB, banks and electronic funds institutions will be required to electronically upload prescribed information on account holders whose deposits or withdrawals exceed Rs. 100 million during a reporting period. ADB Projected To Lead $2.5 Billion Financing For ML-1.
For context, the data will be processed through an automated system to cross-check banking and tax information. The amendment states that the information will not be visible to income tax authorities during the initial cross-checking process.
While providing confidentiality safeguards for the information, the amendment additionally defines the reporting period, specified date, accounts, peak credits, central data hub and compliance risk management. Stay Connected with ProPakistani.
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Taken together, the developments around SBP to Get Bank Data Access Under New Centralized Digital System point to a situation that is still moving, and the coming days should bring more clarity.
