Income Tax Ordinance, 2001

CHAPTER-X

PROCEDURE PART V ADVANCE TAX AND DEDUCTION OF TAX AT SOURCE Division IV General Provisions Relating to the Advance Payment of Tax or the Deduction of Tax at Source

From: 2023-07-01 - To: 0000-00-00 1[165B. 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 of 1947) 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 2[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) 3[All] Subject to section 216, all information received under this section shall be used only for tax and related purposes and kept confidential.] 4[(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.] ________________________________________ 1-Inserted vide Finance Act, 2015 2-Inserted vide the Finance Act, 2017 (XXVII of 2017) assented on 19th June, 2017 3-Substituted for the words and figures “Subject to section 216, all” vide the Finance Act, 2016 (XXIX of 2016) 4-Inserted vide the Finance Act, 2017 (XXVII of 2017) assented on 19th June, 2017 From: 2017-07-07 - To: 2023-06-30 1[165B. 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 of 1947) 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 2[or any other reportable] Persons to the Board in the prescribed form and manner for the purpose of automatic exchange of information under bilateral…