January 9, 2019: The Federal Board of Revenue (FBR) has recommended statement for banks to submit information of persons receiving profit on debt exceeding Rs. 500,000 for non-filers and Rs. 1 million for tax filers and tax deductions thereon during the financial year.
According to details, banking officer would be required to submit ‘’profit on debt statement’’ to the FBR including name, CNIC, most recent particulars including address, amount of profit on debt during the year, tax deducted and remakes of the bank.
The FBR has issued the “Profit on Debt Statement” for banks through an SRO.