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FBR collects information of bank depositors receiving profit on debt

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ISLAMABAD: Federal Board of Revenue (FBR) has directed banks to provide details of account holders driving profits on their deposits.

FBR officials told PkRevenue.com that after amendments through Finance (Supplementary) Act, 2018 the tax authorities had been empowered to collect information of profit on debt from financial institutions.

As per the amendment law banks shall provide a list of persons receiving a profit on debt exceeding Rs one million for income tax return filers and five hundred thousand rupees for non-filers and tax deduction thereon during preceding financial year.

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