FBR Enhances Tax Compliance with New Stock Register System
According to an FBR statement, this move comes after the Chairman FBR directed the speedy processing of refund payment orders up to September 30, 2024.
Separately, the Federal Board of Revenue (FBR) launched an advanced Stock Register system via the Information Center 2.0 platform to provide officers with real-time, in-depth access to registered persons’ data, bolstering transparency and securing compliance with Income Tax (IT) and Sales Tax (ST) regulations.
A press statement said the board launched the system under the direction of the Chairman FBR as part of FBR’s comprehensive digitalization efforts to optimize tax administration and boost revenue collection.
FBR rules out a further extension in the deadline for filing income tax returns
The system 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 and 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.
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