ISLAMABAD: The Federal Board of Revenue (FBR) has extended the deadline by June 15, 2022, for the filing of statements by financial institutions for providing information regarding non-resident persons to the Board for automatic exchange of information under a bilateral agreement or multilateral convention.

In this regard, the FBR has issued an income tax circular number 1 of 2022 on Wednesday for extending the deadline for furnishing information by financial institutions including banks.

According to the circular, in the exercise of the powers conferred under Section 214A of the Income Tax Ordinance, 2001 (“the Ordinance”) and taking cognizance of various issues faced by Reporting Financial Institutions, the Federal Board of Revenue is pleased to extend the deadline for filing of Statement under section 165B of the Ordinance read with Rule 78L Chapter XIIA of the Income Tax Rules, 2002 up to June 15, 2022, the FBR added.

Under the law, notwithstanding anything contained in any law for the time being in force including but not limited to the Banking Companies Ordinance, 1962), the Protection of Economic Reforms Act,1992, the Foreign Exchange Regulation Act, 1947 and any regulations made under the State Bank of Pakistan Act,1956 on the subject, every financial institution shall make arrangements to provide information regarding non-resident 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.

Copyright Business Recorder, 2022