SBP to set up system to access bank transaction data
https://www.dawn.com/news/2028751
The State Bank of Pakistan (SBP) is preparing to establish a secure, centralized system to access bank transaction data, as per recent amendments to the Income Tax Ordinance 2001. This new system will allow the SBP to operate and maintain a virtual repository containing information, records, and financial transactions of individuals maintained by scheduled banks.
Under the amendment, Section 165AB has been inserted, which permits the uploading of prescribed information of account holders with deposits or withdrawals exceeding Rs100 million during a reporting period. This information, which is not visible to the income tax authority during the cross-matching process, will be electronically uploaded to the central data hub for algorithmic cross-matching of tax and bank information.
The amendment defines various terms such as reporting period, specified date, accounts, peak credits, central data hub, and compliance risk management. It also outlines confidentiality safeguards for the system.
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