FBR in action against those making transactions exceeding declared income

Islamabad: The Federal Bureau of Revenue (FBR) has decided to tighten the noose around individuals who make transactions worth more than their declared income.

Speaking at the National Assembly Standing Committee on Finance meeting, FBR Chairman Rashid Mahmood Langrial said that data on taxpayers’ income and turnover based on their identity cards will be shared with banks.

Rashid Mahmood stated that banks will be asked to report if the transaction volume of the concerned person does not match the FBR data.

According to the FBR Chairman, it will be mandatory to report on transactions worth more than the income declared in the wealth statement or tax return. Banks will be asked not to stop the transaction but to provide the report to the FBR.