ISLAMABAD: Federal Board of Revenue (FBR) will get real-time data of financial transactions of the banking system by end of this year.
According to the minutes of the meeting chaired by the prime minister last month, it is decided that Ministry of Law and Justice in consultation with State Bank of Pakistan (SBP) to propose necessary amendments in banking laws/ regulations for ensuring real-time data sharing of financial transactions with the Federal Board of Revenue (FBR).
The law division and SBP have been tasked to finalize the proposal by December 31, 2019.
The meeting considered the adoption of Computerized National Identity Card (CNIC) as common identifier.
The meeting discussed that data consolidation and documentation of economy is a key responsibility of all public and private sector organizations such as financial institutions, utility companies etc.
CNIC, as common identifier needs to be adopted by all public and private sector entities for documentation of economy and real time sharing of transactions data with the FBR.
In the same context commercial utility connections have still not been brought into the tax net with rampant tax evasion in vogue.
The meeting decided that CNIC would be adopted as common identifier by June 30, 2020 akin to social security number in western countries for all business transactions.
It is also decided that the Ministry of Law and Justice in consultation with SBP to propose necessary amendments in Banking Laws / Regulations for ensuring real-time data sharing of financial transactions with the FBR.
The meeting decided that by November 30, 2019 the commercial electricity and gas connections must be brought into the tax net immediately.
The FBR has been given task to bring all commercial electricity and gas connections into the tax net.
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