State Bank of Pakistan expands data authority and portal usability

The State Bank of Pakistan (SBP) is implementing new measures to enhance data accessibility and tax compliance. Through an amendment to the Income Tax Ordinance 2001, the SBP has been authorized to establish a centralized virtual data repository. This hub will consolidate banking records and financial transaction data from scheduled banks and electronic money institutions across the country.

Under the new Section 165AB, banking confidentiality laws will no longer prevent institutions from sharing customer information with the state. Banks must electronically upload data for account holders whose deposits or withdrawals exceed Rs100 million during a reporting period. This information will undergo algorithmic cross-matching against tax records to identify discrepancies between declared income and banking activity. To maintain privacy, data remains hidden from tax authorities unless a significant mismatch is detected, at which point details are forwarded to the Federal Board of Revenue’s Compliance Risk Management system.

Separately, the SBP is seeking user feedback to improve its EasyData Portal. The central bank has launched a survey to assess the platform’s usability and help researchers, businesses, and financial professionals locate economic and financial information more efficiently. The feedback aims to identify difficulties in data access and guide future functional improvements to the digital platform.