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FBR officers empowered to obtain stock brokers information directly from NCCPL


 
The officers of Federal Board of Revenue (FBR) has been empowered to obtain information regarding stock brokers and investors directly from National Clearing Company of Pakistan Limited (NCCPL).
According to Income Tax Rules, 2002 updated on February 2017, the information regarding member, broker, investor of a stock exchange, members of Pakistan Mercantile Exchange (PMEX), and unit holders in mutual funds required by the FBR shall be obtained directly from NCCPL.
Under the rules, investors of stock exchange, PMEX and unit holders in mutual funds are required to maintain records, which included:
(1) Every investor shall maintain accounts and records separately for each of his brokerage accounts regarding his securities business which sufficiently enable for verification of the discharge of his obligations under these rules.
(2) Without prejudice to the generality of the foregoing provision, every investor shall maintain in particular the following accounts and records, namely:-
(a) fortnightly ledger statements of the investor’s brokerage account or each brokerage account if there are more than one account whether in the investor’s own name or any benami accounts, generated by his broker;
(b) fortnightly CDC statements of the investor’s CDC sub account or each CDC sub account corresponding to each brokerage account, if there are more than one brokerage account whether held in the investor’s own name or any benami accounts;
(c) Record of security holdings and their value carried in the investor’s brokerage account on 30th June of each year;
(d) Record of cash carried in the investor’s brokerage account as on 30th June of each year;
(e) Record of funds deposited in the investor’s brokerage account; and
(f) record of funds withdrawn from the investors brokerage account.
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