AGL 38.15 No Change ▼ 0.00 (0%)
AIRLINK 122.10 Increased By ▲ 0.59 (0.49%)
BOP 5.88 Increased By ▲ 0.03 (0.51%)
CNERGY 3.74 Decreased By ▼ -0.01 (-0.27%)
DCL 8.36 Decreased By ▼ -0.04 (-0.48%)
DFML 40.75 Decreased By ▼ -0.14 (-0.34%)
DGKC 84.50 Decreased By ▼ -0.10 (-0.12%)
FCCL 32.75 Increased By ▲ 0.05 (0.15%)
FFBL 65.75 Increased By ▲ 0.25 (0.38%)
FFL 9.91 Decreased By ▼ -0.14 (-1.39%)
HUBC 104.65 Increased By ▲ 0.85 (0.82%)
HUMNL 13.12 Decreased By ▼ -0.13 (-0.98%)
KEL 4.38 Decreased By ▼ -0.05 (-1.13%)
KOSM 7.05 Decreased By ▼ -0.04 (-0.56%)
MLCF 37.50 No Change ▼ 0.00 (0%)
NBP 60.79 Increased By ▲ 0.54 (0.9%)
OGDC 171.35 Decreased By ▼ -0.90 (-0.52%)
PAEL 24.70 Decreased By ▼ -0.10 (-0.4%)
PIBTL 5.73 Increased By ▲ 0.03 (0.53%)
PPL 141.95 Increased By ▲ 0.26 (0.18%)
PRL 22.80 Increased By ▲ 0.08 (0.35%)
PTC 14.75 Increased By ▲ 0.01 (0.07%)
SEARL 64.70 Increased By ▲ 0.14 (0.22%)
TELE 7.00 Decreased By ▼ -0.14 (-1.96%)
TOMCL 35.55 Increased By ▲ 0.05 (0.14%)
TPLP 7.25 Decreased By ▼ -0.04 (-0.55%)
TREET 14.20 Decreased By ▼ -0.08 (-0.56%)
TRG 51.45 Decreased By ▼ -0.30 (-0.58%)
UNITY 26.48 Decreased By ▼ -0.12 (-0.45%)
WTL 1.22 No Change ▼ 0.00 (0%)
BR100 9,501 Increased By 17.5 (0.18%)
BR30 28,427 Increased By 56.4 (0.2%)
KSE100 88,961 Decreased By -5.9 (-0.01%)
KSE30 27,745 Decreased By -82.3 (-0.3%)

ISLAMABAD: The Federal Board of Revenue (FBR) has granted tax officers real-time/in-depth access to registered persons’ income tax and sales tax data and taxpayer profiles for tax assessment.

According to the details of the system released by the FBR on Friday, under the direction of the Chairman FBR and as part of FBR’s comprehensive digitalization efforts to optimize tax administration and boost revenue collection, FBR has launched an advanced Stock Register system via the Information Center 2.0 platform.

This robust digital infrastructure grants tax officers real-time access to registered persons’ data, bolstering transparency and securing compliance with Income Tax (IT) and Sales Tax (ST) regulations.

Sales tax registered persons: Deadline extended for biometric re-verification

The Stock Register within Information Center 2.0 functions as a sophisticated management information and reporting system, empowering tax officers to securely retrieve detailed stock data to facilitate precise tax assessments and mitigate the risk of tax evasion.

The system centralizes taxpayer profiles, offering thorough views of IT & ST filing histories, summaries, and authorized representative profiles. This integrated access is further strengthened by tax and declaration comparisons, providing comprehensive oversight capabilities.

By meticulously recording stock movements capturing essential details such as quantities, valuations, and transaction dates, the system enables tax officers to enforce regulatory compliance and validate accurate stock and compliance reports.

The Information Center 2.0 portal enhances FBR’s capacity to strengthen the national exchequer. The platform integrates diverse data streams, including ST annexures, Customs import details, and reports on taxpayers as withholdees and withholding agents, establishing an efficient and holistic framework for tax oversight. Accessible exclusively through the IRIS tax officers’ platform at FBR field formations, Information Center 2.0 features advanced filters and search functionalities, enabling swift data retrieval to support compliance and precise assessments.

This initiative, aligned with FBR’s commitment to modernization, represents a pivotal advancement in tax collection efforts, striking a balance between efficient revenue generation and sustaining economic growth. It fosters robust reporting, minimizes tax evasion, and strengthens resource and financial management across the business landscape, ensuring adherence to tax regulations through a centralized and transparent data ecosystem, the FBR added.

Copyright Business Recorder, 2024

Comments

200 characters