The Federal Board of Revenue (FBR) has made it mandatory for banks and electronic money institutions to report financial transactions exceeding Rs. 10 million to its central data hub under the Finance Act 2026.
The measure will allow the FBR to automatically compare information on large financial transactions with taxpayers’ tax and banking records, with discrepancies potentially triggering further action.
Under the Finance Act 2026, banks and electronic money institutions are required to provide financial information of account holders involved in transactions above the Rs. 10 million threshold to the FBR’s central data hub.
The system is intended to strengthen the tax authority’s ability to identify differences between reported income and significant financial activity by using automated data matching.
The move forms part of the government’s efforts to expand the use of digital data and automated systems in tax administration and improve monitoring of financial activity.
The post FBR Will Now Automatically Track Bank Payments Above Rs. 1 Crore appeared first on ProPakistani.
