ISLAMABAD: Banks and Electronic Money Institutions would be required to electronically upload to the Central Data Hub the prescribed information about accountholders having deposits or withdrawals exceeding one hundred million rupees during a reporting period for cross-matching of tax and bank information. The circular No. 02 of 2026-27 issued by the FBR on Tuesday explained important amendments made in the Income Tax Ordinance 2001. The Finance Act 2026 has brought about certain amendments in the Income Tax Ordinance, 2001 through Finance Act 2026. The FBR explained that a new section 165AB has been inserted whereby, notwithstanding the banking confidentiality laws, every banking company and Electronic Money Institution shall electronically upload to the Central Data Hub the prescribed information in respect of account holders having deposits or withdrawals exceeding one hundred million rupees during a reporting period, for algorithmic cross-matching of tax and bank information. READ ALSO: Transactions above Rs100m in 6 months to be thoroughly scrutinized The information to be digitally processed, is not to be visible to any income tax authority during the cross-matching, and only in the case of a gross mismatch is to be fed into the Board’s Compliance Risk Management (CRM) system for further proceedings by the National faceless centre. The terms “reporting period”, “specified date”, “accounts”, “peak credits”, “Central Data Hub” and “compliance risk management” have been defined, and confidentiality safeguards have been provided. Copyright Business Recorder, 2026
Deposits/withdrawals exceeding Rs100m: Banks, electronic money institutions to e-upload to Central Data Hub
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