Pakistan, Sept. 10 -- The State Bank of Pakistan (SBP) will gain access to a centralised banking data system under a recent tax law amendment. The amendment changes the Income Tax Ordinance 2001. It allows the central bank to establish and operate a secure virtual repository. The repository will contain banking information, records and financial transactions. The move aims to strengthen coordination between banking and tax data.

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Under the new Section 165AB, banks must electronically upload prescribed information to the central data hub. The requirement also applies to electronic money institutions. However, the reporting requirement targets accounts with deposits ...