ISLAMABAD: The remittance gateways licensed by the State Bank of Pakistan (SBP) are among the financial institutions to provide real-time access to information and database relating to economic transactions to the Federal Board of Revenue (FBR)
The FBR, Tuesday, notified a list of integrated organizations covering any agency, authority, institution or organisation 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 FBR has also issued a list of financial institutions which are required to be integrated with the FBR’s RADAR.
The financial institutions, which would provide real time access to information and database 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 (with respect to 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 and RTGS; Non-Banking Financial Companies (NBFCs); Payment Aggregators; Payment Service Providers (PSPs) and Payment Service Operators (PSOs) and Remittance Gateways (SBP Licensed).
The integrated organizations mentioned in section 175A are: National Database and Registration Authority with respect to information pertaining to National Identity Card, Pakistan Origin Card, Overseas Identity Card, Alien Registration Card, and other particulars contained in the Citizen Database; Federal Investigation Agency and the Bureau of Emigration and Overseas Employment with respect to details of international travel and Federal Investigation Agency and the Bureau of Emigration and Overseas Employment with respect to details of international entry and exit of all persons and information pertaining to work permits, employment visas and immigration visas.
Copyright Business Recorder, 2023