Please
refer to FE Circular No. 02 dated June 02, 2007 of Exchange
Policy Department on the subject regarding NTN information
for International Transaction Reporting System (ITRS).
It has been observed that National Tax Number (NTN) is
not reported according to the instructions issued by this
department despite a lapse of one and half years. Besides,
instructions have been issued and meetings conducted for
guidance of banks from time to time to streamline the
reporting of NTN.
It
has been observed that NTN of individuals (managers. Directors,
etc) are reported against transactions carried out by
companies and business entities. As per instructions of
FE Circular No. 02 dated June 02, 2007, the information
about NTN of the entity/ company/ enterprise involved
in the foreign exchange transaction is required to be
reported against the transaction. Therefore, in order
to further streamline the reporting of NTN, it is advised
that.
(i).
NTN of company/ business entity/ enterprise should be
reported against the transaction made by company/ business
entity/ enterprise. In case, NTN in the name of company/
business entity/ enterprise is not available, the space
for NTN against transaction should be left as blank. However,
particulars of the company and all other details about
the transaction should also be reported separately to
Statistics & DWH Department.
(ii).
In case of department/ division, the correct department
code from list no. 8 of Foreign Exchange Return Code Guide
should be reported against the relevant transactions.
In such cases, separate information will not be required
even if departmental NTN is not available.
(iii).
Prepare a database of verified NTN on the file structure
enclosed. You are also advised to verify the acquired
NTN from customers with information available on Federal
Board of Revenue (FBR) website at URL
http://www.fbr.gov.pk/NewNTN/default.aspx.
(iv).
Please be advised that wrong / erroneous reporting of
NTN will be taken as negligence on bank’s part which
result in imposition of heavy penalty.
In
case of any clarification/ query, please contact Mr. Mirza
Kaleem Ullah, Assistant Director, Statistics & Data
Warehouse Department, State Bank of Pakistan at Phone
# 021 245 3685 e-mail: [email protected]