FBR introduces real-time tax data system for better assessments

ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a new system that gives tax officers real-time access to income and sales tax data of registered taxpayers.

This step will help improving tax assessments to ensure better compliance with tax regulations.

Announced on Friday as part of FBR’s digital transformation efforts, the new Stock Register system is available through the Information Center 2.0 platform.

This advanced digital tool enables tax officers to access detailed stock information, allowing for more accurate tax assessments and helping to reduce tax evasion.

It centralises taxpayer profiles, providing a comprehensive view of their income and sales tax histories, as well as the ability to compare tax filings and declarations. This comprehensive access supports better oversight and transparency.

The Stock Register records crucial details such as stock quantities, valuations and transaction dates, ensuring that tax officers have all the necessary information to verify compliance.

The system also integrates additional data including sales tax annexures, customs import details and reports from withholding agents making it a powerful tool for tax monitoring.

Business Recorder reported that the Information Center 2.0 portal, accessible only through FBR’s IRIS platform comes with advanced search features that allow for swift data retrieval.

This system seems like a major step forward in modernising tax collection, promoting transparency and improving resource management.

Read next: Early trade: PKR up by 17 paisa against US dollar