Online access rules for bank accounts to be framed by 31st
ISLAMABAD: The Federal Board of Revenue will frame the rules regarding online access to bank accounts till August 31.
Sources told this correspondent that the purpose of framing these rules is to bring those people under the tax net who make huge transactions from the banks but did not submit returns of annual income.
The FBR authorities have decided that online access will be used in very important cases only.Only the FBR chairman and Member Inland Revenue will be entitled to use these powers in cases of immense importance. In this way only two high officials of the FBR, which has 35,000 staff, will be empowered to use this privilege. This privilege has been included in Section 165-A of the Income Tax Ordinance 2001.
The sources said besides online access rules, Section 165-A will bound the banks to provide statement of transactions of those account holders who make transactions of over Rs1 million in one month or their credit card bill exceeds Rs100,000 to the concerned FBR officials.
When this amendment was introduced some business circles had expressed reservations that people will draw money from their bank accounts but this didn’t happen because people prefer to keep their money in bank accounts owing to security fears.It is hoped that the account holders will pay due taxes on their capital and will be able to do documented business without any fear or concern.