The Pakistan Banks’ Association (PBA) convened an urgent meeting of its Accounting & Taxation Subcommittee to deliberate on the Federal Board of Revenue’s (FBR) S.R.O. un 111/2023 concerning ‘Real-Time Access to Information and Databases’. This proposal was received on December 05, 2023, sparking immediate attention and necessitating a timely response.
After thorough discussions and consultations with external legal counsel, the Subcommittee formulated a comprehensive response to the FBR’s notice. Within the stipulated seven-day deadline, PBA dispatched an official letter to the FBR, addressing both the legal and operational/technical aspects pertinent to the banking sector.
The response underscored the industry’s unique position and highlighted the need for its exclusion from the proposed S.R.O. The PBA’s stance is grounded in the recognition of the banking sector’s distinct operational framework, as duly acknowledged by the Income Tax Ordinance of 2001.
Source: PBA