FBR Introduces Real-Time Tax System to Prevent Evasion

FBR Introduces Real-Time Tax System to Prevent Evasion

Islamabad, October 31, 2024 – The Federal Board of Revenue (FBR) has introduced an advanced Stock Register system via its new Information Center 2.0 platform, enhancing tax compliance and transparency for businesses across Pakistan.

This cutting-edge digital framework provides tax officers with real-time access to registered taxpayer data, aiming to streamline oversight of Income Tax (IT) and Sales Tax (ST) regulations.

The Stock Register within Information Center 2.0 is designed as a comprehensive management and reporting system. It allows tax officers to access detailed stock information securely, enabling precise tax assessments while reducing opportunities for tax evasion. This system centralizes taxpayer profiles, offering a complete view of both IT and ST filing histories, summaries, and authorized representative profiles. With its integration of data from multiple sources—including ST annexures, Customs import details, and reports on withholdings—the system strengthens compliance by enabling in-depth comparisons of tax declarations.

By documenting critical stock movement details, such as quantities, valuations, and transaction dates, the system gives tax officers the information they need to ensure accurate compliance reporting. The enhanced capability helps reinforce regulatory adherence by verifying data in real-time, reducing potential discrepancies that could otherwise contribute to revenue loss.

Information Center 2.0 operates exclusively on the IRIS platform available to FBR tax officers at field formations. Advanced filters and search functionalities further enhance data retrieval, allowing tax officers to quickly access pertinent information and support accurate assessments. This initiative aligns with FBR’s commitment to digital modernization, aiming to build a transparent and robust tax environment.

This platform marks a significant milestone in Pakistan’s tax collection efforts, emphasizing the FBR’s dual goals of effective revenue generation and sustained economic growth. The system promotes a streamlined reporting process, minimizes the chances of tax evasion, and contributes to effective financial management within the business sector. By centralizing tax data in a secure and accessible way, FBR’s Information Center 2.0 stands as a progressive step toward a more efficient and compliant economic landscape in Pakistan.