ISLAMABAD -- The Federal Board of Revenue (FBR) Monday sent a reminder letter to all the banks seeking information about account holders.
Chairman FBR, Syed Muhammad Shabbar Zaidi issued a letter to the heads of all banks wherein reference to the earlier sent letter dated October 1, 2019 had been given, stating that bank's role was to act as a trustee/custodian on behalf of the various customers for the acquisition of T-Bills, PIBs etc.
No information in this respect has been received so far, it said adding that this reminder letter was being written for the reason that FBR was obliged to ensure complying of various regulatory requirements including those inducted by FATF that there was proper compliance of various regulatory environments.
'There are indications in various cases, especially being those related to individuals that the amount held under these accounts are not appropriately disclosed in the individual personal income tax returns,' it added.
The Chairman FBR said there are instances of 'Bond Washing' whereby the 'interest accrued' is transposed as capital gain to avoid withholding requirement on interest where State Bank of...