Information of transactions made by non-residents Section 165 | Regulatory Updates Of Pakistan

Information of transactions made by non-residents

Section 165B of Income Tax Ordinance, 2001 makes it mandatory for financial institutions, including banks to provide transaction details of non-residents.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

Following is the text of Section 165B of the Income Tax Ordinance, 2001:

165B. Furnishing of information by financial institutions including banks.— (1) Notwithstanding anything contained in any law for the time being in force including but not limited to the Banking Companies Ordinance, 1962 (LVII of 1962), the Protection of Economic Reforms Act,1992 (XII of 1992), the Foreign Exchange Regulation Act, 1947 (VII of1947) and any regulations made under the State Bank of Pakistan Act,1956 (XXXIII of 1956) on the subject, every financial institution shall make arrangements to provide information regarding non-resident or any other reportable persons to the Board in the prescribed form and manner for the purpose of automatic exchange of information under the bilateral agreement or multilateral convention.

(2) All information received under this section shall be used only for tax and related purposes and kept confidential.”

(3) For the purpose of this section, the terms “reportable person” and “financial institution” shall have the meaning as provided in Chapter XIIA of the Income Tax Rules, 2002.

Source: PakRevenue
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