ISLAMABAD: Federal Board of Revenue has issued two SRO’s this week, namely SRO.1040 (I)/2013 and SRO.1035 (I)/2013.
According to the SRO.1040 (I)/2013, FBR will not select cases for audit of taxpayers who have paid 25 per cent more tax for the current Tax Year as compared to the tax paid or assessed for the previous Tax Year.
As per SRO.1035 (I)/2013, every banking company officer will furnish a monthly account holder deposit statement and credit card payments for immediately preceding calendar month within seven days of the end of the preceding calendar month.
In addition to this, every banking company officer shall furnish an annual written-off loan statement as specified in form C for immediately preceding year within three months of the preceding calendar year.
Furthermore, every banking company will furnish a copy of each transaction report and suspicious transaction report generated by it at the time it is submitted to the Financial Monitoring Unit under the Anti-Money Laundering Act.
The information regarding accounts and loan defaulters may not be provided by the banking companies’ officers in respect of a person who holds National Tax Number and also file returns of income tax for the immediately preceding year.
