KARACHI: The Finance Bill 2015-16 has accorded Federal Board of Revenue (FBR) with unlimited access to financials of any person, association of persons or company. The Bill has proposed to bind all financial institutions to share access with FBR to central database containing details of its local as well as non-resident account holders and all transactions made in their accounts.

Proposed Section 165B in the Income Tax Ordinance, 2001 reads that every financial institution shall make arrangements to provide information regarding non-resident persons to the Board in the prescribed form and manner for the purpose of automatic exchange of information under bilateral agreement or multilateral convention.

However, all information received under this section shall be used only for tax and related purposes and kept confidential.