The federal government has set an annual cash withdrawal limit of Rs100 million from banks to better oversee large transactions. In coordination with the Federal Board of Revenue (FBR), scheduled banks will implement a structured data-sharing system to track taxable activities more efficiently.
Under this system, investments up to Rs50 million in mutual funds, securities, and money markets will be recognized as new investments. The FBR will compare tax return data with bank records to detect discrepancies, requiring banks to justify or correct any mismatches. The shared data will strictly be used for tax-related inquiries.
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To curb counterfeit products, the FBR may authorize provincial officers (grade 16 and above) for enforcement duties, particularly in excise and taxation departments.
In the digital domain, the FBR plans to tax online income, especially from social media ads, and will act as a collecting agent. Non-filers in digital earnings may face penalties of Rs1 million. Moreover, if a foreign digital company fails to pay taxes after 120 days of local operation, the Income Tax Commissioner may block payments to it.
These measures reflect Pakistan’s broader push toward stronger financial oversight and digital tax enforcement.
