Islamabad, Feb 11: The Federal Board of Revenue (FBR) has assured that banks will not freeze accounts or block transactions of non-filers. FBR Chairman Rashid Mahmood Langrial made this statement during a session of the National Assembly’s Standing Committee on Finance.
He emphasized that while banks are bound by privacy laws and do not share customer data, the FBR has the legal authority to access relevant information from any institution to ensure tax compliance. The goal of these measures, according to the chairman, is to combat tax evasion without disrupting financial transactions.
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Langrial also revealed that the FBR has developed an algorithm to track tax evasion based on turnover, which will be gradually implemented. However, concerns were raised by a Member of the National Assembly about the potential operational hurdles posed by tighter monitoring, especially considering that daily cash transactions of Rs. 10-20 million are common in some sectors. The chairman reassured the committee that business transactions would not be restricted, aiming to strike a balance between enforcement and smooth business operations.
