FBR Will Now Automatically Track Bank Payments Above Rs. 1 Crore
The Federal Board of Revenue (FBR) has made it mandatory for banks and electronic money institutions to report financial transactions … Read More The post FBR Will Now Automatically Track Bank Payments Above Rs. 1 Crore appeared first on ProPakistani .
The Federal Board of Revenue (FBR) has implemented a new rule mandating banks and electronic money institutions to report financial transactions surpassing Rs. 10 million to its central data hub under the Finance Act 2026. This measure enables the FBR to automatically compare data on large financial transactions with taxpayers' tax and banking records, potentially triggering further action if discrepancies are identified.
Banks and electronic money institutions are now obliged to provide financial information of account holders involved in transactions exceeding the Rs. 10 million threshold to the FBR's central data hub, as required by the Finance Act 2026. The system aims to enhance the tax authority's ability to detect mismatches between reported income and significant financial activity by leveraging automated data matching.
This development is part of the government's broader strategy to leverage digital data and automated systems in tax administration, bolstering monitoring of financial activity.
Written by urgent.news from ProPakistani's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
