FBR to integrate real time data of 145 entities to document the economy & broadening the tax base.
- 4 months ago
The FBR has issued an SRO 1771(I)/2023 to introduce draft amendments in the Income Tax Rules 2002 here on Tuesday.
The FBR will document economic transactions carried out by 145 organisations to assess actual income and tax potential of citizens and collect the due amount of taxes from them.
The purpose is to document economic transactions covering transactions for exchange or transfer of title or ownership of assets, goods or services involving economic value provided by one person to another person, a senior FBR official said.
In this regard, the FBR has directed these 145 organisations to integrate with FBR’s “real-time accessed data analysis repository (RADAR)” for providing real time access to information and database.
The organisations required to provide real time access to relevant information and database included State Bank of Pakistan (SBP), commercial banks, Pakistan Stock Exchange, investment banks, Non-Banking Financial Companies (NBFCs), micro-finance banks, Accountant General Pakistan Revenues, Military Accountant General, Rawalpindi Military Lands & Cantonment Headquarters, Rawalpindi and provincial revenue authorities/ boards, Association of Builders and Developers (ABAD), all Bahria Town Private Limited Companies, and all Defence Housing Authorities (DHAs).
The new procedure shall provide for real time access to information and database to the Board by the organisations. The FBR has also issued a list of agencies, authorities, institutions and organizations including their attached departments, divisions, wings, institutes, sub-offices, autonomous bodies by whatever name called, are required to integrate with the Board’s RADAR and shall furnish information under section l75A of the Income Tax Ordinance.
Every integrated organization shall integrate with Board’s RADAR not later than January 15,2024 or such date as notified for integration of such organization in order to provide real time access to information and database relating to economic transactions as carried out by any person with the or reported to the said integrated organization.
#Taxationist #TaxationistCorporateConsultants #TaxLawayerInRawalpindi #TaxLawyerInIslamabad #Tax #law #FederalBoardOfRevenue #FBR #SECP #SecurityExchangeCommissionOfPakistan #CorporateLawyer #BestTaxConsultantInRawalpindi #KhurramShahzadAslam #KhuramShahzad #KhurramShahzadDawar
#gstindia #ca #gstupdates #gstr #accounts #payroll #taxservices #taxprofessionals #startup #auditing #entrepreneur #commerce #incometaxindia #accountants #taxpro #taxservice #businessaccounting #financialfreedom #icai #taxaccountant #incometaxseason #businessowner #cpa #itr #taxcollection #taxfree #taxday #vat #accountancy #taxmoney
#taxation #tax #taxes #accounting #accountant #taxseason #incometax #business #finance #taxrefund #taxplanning #gst #taxreturn #taxprofessional #taxpreparer #taxtips #bookkeeping #taxconsultant #taxpreparation #charteredaccountant #irs #audit #taxtime #taxhelp #smallbusiness #incom
The FBR will document economic transactions carried out by 145 organisations to assess actual income and tax potential of citizens and collect the due amount of taxes from them.
The purpose is to document economic transactions covering transactions for exchange or transfer of title or ownership of assets, goods or services involving economic value provided by one person to another person, a senior FBR official said.
In this regard, the FBR has directed these 145 organisations to integrate with FBR’s “real-time accessed data analysis repository (RADAR)” for providing real time access to information and database.
The organisations required to provide real time access to relevant information and database included State Bank of Pakistan (SBP), commercial banks, Pakistan Stock Exchange, investment banks, Non-Banking Financial Companies (NBFCs), micro-finance banks, Accountant General Pakistan Revenues, Military Accountant General, Rawalpindi Military Lands & Cantonment Headquarters, Rawalpindi and provincial revenue authorities/ boards, Association of Builders and Developers (ABAD), all Bahria Town Private Limited Companies, and all Defence Housing Authorities (DHAs).
The new procedure shall provide for real time access to information and database to the Board by the organisations. The FBR has also issued a list of agencies, authorities, institutions and organizations including their attached departments, divisions, wings, institutes, sub-offices, autonomous bodies by whatever name called, are required to integrate with the Board’s RADAR and shall furnish information under section l75A of the Income Tax Ordinance.
Every integrated organization shall integrate with Board’s RADAR not later than January 15,2024 or such date as notified for integration of such organization in order to provide real time access to information and database relating to economic transactions as carried out by any person with the or reported to the said integrated organization.
#Taxationist #TaxationistCorporateConsultants #TaxLawayerInRawalpindi #TaxLawyerInIslamabad #Tax #law #FederalBoardOfRevenue #FBR #SECP #SecurityExchangeCommissionOfPakistan #CorporateLawyer #BestTaxConsultantInRawalpindi #KhurramShahzadAslam #KhuramShahzad #KhurramShahzadDawar
#gstindia #ca #gstupdates #gstr #accounts #payroll #taxservices #taxprofessionals #startup #auditing #entrepreneur #commerce #incometaxindia #accountants #taxpro #taxservice #businessaccounting #financialfreedom #icai #taxaccountant #incometaxseason #businessowner #cpa #itr #taxcollection #taxfree #taxday #vat #accountancy #taxmoney
#taxation #tax #taxes #accounting #accountant #taxseason #incometax #business #finance #taxrefund #taxplanning #gst #taxreturn #taxprofessional #taxpreparer #taxtips #bookkeeping #taxconsultant #taxpreparation #charteredaccountant #irs #audit #taxtime #taxhelp #smallbusiness #incom