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Legal cover to banks likely for disclosure of information – Alfalah Securities Limited

Karachi : The government intends to provide legal cover to banks for disclosure of information about account holder to Inland Revenue Service (IRS) Officers of FBR.

According to Alfalah Securities, it would be done to protect banks from civil suits for disclosure of information to tax authorities under Income Tax Circular No. 9 of 2011 which was regarding deduction of tax at source from payment of profit on debt. These measures are a step towards documentation of the economy and bring transparency in the tax structure.

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