IRD informed about the new mechanism in a meeting with CEOs of commercial banks on July 22. According to IRD, the move will control problems of double and fake income statement.
In the meeting, IRD said that a new system will soon be developed that will inform BFIs about the financial details and tax filed by the taxpayer.
In order to use the system, taxpayer required to register themselves with IRD by duly filling all previous, current and estimated financial information and tax filed in IRD website. On the basis of the information provided by taxpayers to IRD, BFIs can decide whether to accept or reject any loan proposals.
