LAHORE: The Federal Board of Revenue (FBR) has made it mandatory for the Micro-finance Banks (Easy Paisa, Jazz Cash, etc.) to provide real-time access to its information and database relating to economic transactions to the FBR’s “real-time accessed data analysis repository (RADAR).
The FBR has issued a list of “integrated organizations” covering any agency, authority, institution, or organization mentioned in section 175A of the Income Tax Ordinance, which would be integrated with the FBR’s “real-time accessed data analysis repository (RADAR)”.
The financial institutions bound to provide real-time access to information and databases relating to economic transactions to the FBR are:
Non-Banking Financial Institutions (NBFIs) licensed by SBP;
Asset Management / Mutual Funds Institutions;
commercial banks;
Micro Finance Banks;
Development Financial Institutions (DFIs);
Real Estate Investment Trusts (REITs);
Insurance Companies;
National Investment Trust Limited;
Pakistan Mortgage Refinance Company Limited;
Pakistan Stock Exchange;
Pension Funds (registered under Voluntary Pension System) Accounts,/DDO Offices;
Provincial Excise and Taxation Departments (concerning information other than Motor Vehicle Registration);
private pension funds and trusts (registered with FBR);
Provident Fund Institutions (those registered under Provident Fund Act 1925);
House Finance Companies;
Investment Banks;
Micro-finance Banks (Easy Paisa, Jazz Cash, etc.);
Modaraba companies;
National Clearing Company of Pakistan Limited;
NIFT & RTGS; Non-Banking Financial Companies (NBFCs);
Payment Aggregators;
Payment Service Providers (PSPs) & Payment Service Operators (PSOs) and Remittance Gateways (SBP Licensed).
