The Federal Board of Revenue (FBR) has introduced a standardized reporting format requiring banks to share detailed information about account holders with significant monthly deposits, marking a major step toward strengthening tax compliance and financial transparency across Pakistan.
Under the new requirements, banks must report account holders who deposit Rs10 million or more in a single month. The rule applies to both residents and non-residents, signaling broader documentation of high-value financial transactions as part of the government’s ongoing compliance drive.
The account holders’ deposit statement will include comprehensive information such as CNIC, NICOP or passport number, National Tax Number (NTN), name or title of the account, resident or non-resident status, address, account opening date, IBAN, business or profession details, and the total amount deposited during the month. This reporting obligation falls under Rule 39 of the Income Tax Rules, 2002, as amended up to November 24, 2023.
As per Rules 39A to 39D, banks are required to submit multiple statements, including deposits (Form A), credit card payments (Form B), cash withdrawals (Form C), and profit on debt (Form D). They must also provide any additional information requested by the FBR. Each reporting banking company must nominate a senior officer within 30 days to coordinate directly with the tax authority. In the absence of a nomination, the president or principal officer of the bank will assume responsibility.
Monthly statements covering deposits, credit card transactions, and cash withdrawals must be submitted within 15 days after the end of each calendar month, while annual profit on debt statements are due within three months of the year-end. Any further information demanded by the Board must be furnished within the specified timeline.
The move places greater responsibility on both banks and account holders. Individuals and businesses with high-value deposits are advised to maintain accurate financial records, ensure their NTN and identification details are updated, and verify that their declared business or professional information is correct. With banks acting as the primary reporting channel, the FBR will be able to closely monitor large deposits, reduce underreporting, and enforce stricter compliance measures.
The introduction of this format underscores the government’s commitment to documentation and transparency. Account holders approaching or exceeding the Rs10 million monthly threshold should proactively review their transactions and remain prepared for potential scrutiny to avoid penalties or legal complications.
