Islamabad: The Federal Board of Revenue (FBR) introduced the Advanced Stock Register System to improve tax administration and increase revenue.
According to the Federal Board of Revenue, under the direction of Chairman Federal Board of Revenue and in continuation of FBR’s digitization efforts, FBR has advanced stock from Information Center 2.0 platform to improve tax administration and increase revenue. Register system has been launched.
This modern digital infrastructure provides full access to the data of registered persons in real-time to tax officials, which will increase transparency and ensure compliance with Income Tax and Sales Tax laws. The stock register available in the Information Center 2.0 will serve as an advanced management information and reporting system that will enable tax officers to easily access detailed stock data to reduce the risk of tax evasion by making accurate tax assessments. .
Under this system, the profiles of the taxpayers have been integrated which will include the history of filing of income tax and sales tax returns, summaries and profiles of authorized representatives. This integrated access will enable comparison of taxes and declarations which will increase the capacity for comprehensive monitoring.
The system will help in detailed recording of stock movements such as quantities, prices and transaction dates, which will facilitate tax officials to enforce rules and compile accurate stock and compliance reports, Information Center 2.0 Portal. It will increase the capacity of FBR which will strengthen the national economy.
The platform will integrate various data streams including sales tax returns, customs import details, taxpayers’ withholdings and withholding agents’ reports. This will establish an effective and comprehensive framework for tax monitoring.
Access to this system will be available on IRIC only to tax officers of field formations of FBR. The system includes advanced filter and search functionalities to enable the fastest availability of data to aid in accurate estimation and compliance.
In line with the FBR’s commitment to modernize, this move is a significant step forward in revenue collection efforts that will strike a balance between increased revenue generation and sustainable economic growth.
This will promote effective reporting, reduce tax evasion and strengthen financial management across the business landscape by ensuring compliance with tax laws through a centralized and transparent data ecosystem.