ISLAMABAD, Aug. 19 -- The Federal Board of Revenue (FBR) has made reporting of transactions above Rs10 million mandatory. The requirement comes under the Finance Act 2026.

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Under the new rules, banks must provide financial information to the FBR's central data hub. Electronic money institutions must also submit information about relevant account holders. The measure aims to strengthen financial monitoring and improve tax compliance.

Moreover, the new system will allow the FBR to automatically compare banking information with taxpayers' records. Authorities will use the system to identify possible differences between declared income and financial activity. Any major m...