Furnishing of information by financial institutions including banks.
(1) Notwithstanding anything contained in any law for the time being in force including but not limited to the Banking Companies Ordinance, 1962 (LVII of 1962), the Protection of Economic Reforms Act,1992 (XII of 1992), the Foreign Exchange Regulation Act, 1947 (VII of1947) and any regulations made under the State Bank of Pakistan Act,1956 (XXXIII of 1956) on the subject, every financial institution shall make arrangements to provide information regarding non-resident [or any other reportable] persons to the Board in the prescribed form and manner for the purpose of automatic exchange of information under bilateral agreement or multilateral convention.
(2) [All] information received under this section shall be used only for tax and related purposes and kept confidential.”]
[(3) For the purpose of this section, the terms "reportable person" and "financial institution" shall have the meaning as provided in Chapter XIIA of the Income Tax Rules, 2002.]
Enter your Description here...
โWeโre always working to improve and keep our information accurate, complete & up-to-date. If you spot any mistakes, missing details, or anything that doesnโt seem right, please let us know using the feedback option below.โ
No video available.
We provide multiple practice sessions specifically designed to help aspiring lawyers prepare effectively for the Law GAT (Graduate Assessment Test).as Per Outline "
Success! Your action was completed.
โAllah is sufficient for me. There is none worthy of worship but Him. I have placed my trust in Him. He is the Lord of the Majestic throne.โ