Government of Pakistan
Federal Board of Revenue
Islamabad
F.No.6(33)S$(IR-Operations)/2019 Islamabad the 31° May. 2019
SUBJECT:- MEETING OF CHAIRMAN FBR WITH CHIEF FINANCIAL OFFICERS
(CFOs) OF BANKS ON 305.2019
1am directed to refer to the subject.
2: Please find enclosed herewith the minutes/tecord note of the meeting containing
decisions for further necessary action, Furthermore a draft letter from the banks to their
customers is also enclosed.
Enel: As above
jr. Naveed Khalid Khan)
SA to Member (IR-Operations)
All BanksRECORD NOTE OF THE MEETING OF CHAIRMAN FBR WITH CHIEF
FINANCIAL OFFICERS (CFOs) OF THE BANKS ON 30.5.2019 AT FBR
HQ, ISLAMABAD
Meeting on the subject was held at 4.30 p.m. in conference hall at FBR headquarters and was
chaired by Chairman FBR. The meeting was attended by Member IR-Operations, Member IR-
Policy, SA to Chaitman and Chief IR-operations. CFOs of all the banks have attended the
meeting. The list of attendees is attached as annex-A. Following issues were discussed and the
decisions were taken accordingly:
The chairman FBR welcomed the participants. He emphasized that in the
backdrop of FATF requirements it is imperative that banks must comply with the
Know Your Customer (KYC) requirements and help their customers. The
Chairman had highlighted the data requirements of FBR with the representatives
of the banks and directed the banks to provide the data of withholding taxes in the
first stage. Some representatives of the banks asked about the mechanism of
handling of data, To this query, the Chairman assured that FBR maintains
confidentiality of highest level in handling and managing such information and
data, After detailed discussions, it was decided that in first phase the banks will
provide the data of withholding taxes w.e.f 01.01.2018 onwards with CNICs of
the withholdees to FBR by 17.06.2019, In this regard, data of all the withholding
sections will be provided by the banks and the representatives of the banks agreed
with the time lines.
2 The other issue discussed was the Benami laws and the menace of banami
accounts. Chairman FBR sensitized the participants about the emerging scenario
in the wake of Benami Transaction (Prohibition) Act, 2017 and emphasized that
such business cannot continue as usual and we have to act fast in accordance with
the needs of the law and our country. The Chairman urged the banks to act fast for
resolving the issue without causing any problem/panic/disturbance for their
customers. It was also highlighted that the Assets Declaration Scheme 2019
introduced is a window of opportunity through which can address this problem in
an effective way. Different options were discussed among the participants and in
the end it was agreed that the banks will write letters to their account holders
having balance of Rs. 500,000/- and above as on 30.04.2019 and guide them
about availing amnesty if the accounts are not declared by the customers. The
draft of the letter will be shared by the FBR to the Banks.
3. Meeting ended with a note of thanks by and to the Chairman FBR.
HebreenneteereH eer EnterDear Mr./Ms./Mrs./Messts
We are thankful for the business relationship you are maintaining with us through your bank
account.
You must be aware of the fact that national and international compliance requirements are
increasingly focusing on the monetary transactions carried on through banking and other
formal and informal channels. Such requirements include income and assets declarations with
the government as well as compliance with standards related to anti-money laundering
requirements.
Benami Transactions Prohibition Act, 2017 (that has become fully operational since
February, 2019) has further necessitated a more watchful regulatory environment.
In order to regularize our otherwise undocumented economy, the Government of Pakistan has
recently announced an Assets Declaration Ordinance, 2019 that provides a simple and easier
manner of declaration of undisclosed assets/sales/expenses including amounts kept in bank
accounts.
We will strongly recommend that you may go through that scheme available at
www.fbr.gov.pk. However, if you think that your bank account and its transactions are
declared with tax authorities or are otherwise not liable to be declared to the tax authorities,
(as per law), please ignore this letter.