In a major crackdown on tax evasion and money laundering, the government has decided to give the Federal Board of Revenue (FBR) direct access to taxpayers’ bank accounts.
A new, integrated information-sharing system between commercial banks and the FBR will allow real-time monitoring of high-risk accounts, with swift action on suspicious transactions.
Data-sharing network to target hidden wealth
Under the Finance Bill 2025, banks will be legally bound to share consolidated data of account holders with the FBR. This includes details of accounts maintained across multiple banks, enabling authorities to cross-check declared income with actual financial activity, large transactions, and detect any hidden wealth.
If discrepancies are found between bank records and tax returns, legal action will become mandatory. The FBR has assured that all information will remain confidential and will be used solely for tax enforcement purposes.
Multi-agency committee to draft new rules
A high-level committee — comprising officials from the Ministry of Finance, FBR, and State Bank of Paistan — has been formed to finalize the legal framework for the new system. Once operational, the network will also include the Securities and Exchange Commission of Pakistan (SECP), private banks, and licensed money exchange companies.