FBR Introduces New Digital Stock Register System to Enhance Tax Compliance

Islamabad: The Federal Board of Revenue (FBR) has launched an advanced Stock Register system through its Information Center 2.0 platform. This initiative is part of FBR’s broader efforts to digitalize tax administration processes, aiming to optimize revenue collection and improve compliance with Income Tax (IT) and Sales Tax (ST) regulations.

According to Federal Board of Revenue, the Stock Register is designed as a sophisticated management information and reporting tool, providing tax officers with secure access to detailed stock data. This digital infrastructure enables precise tax assessments and reduces the risk of tax evasion by consolidating taxpayer profiles and offering comprehensive views of IT and ST filing histories. The system also facilitates comparisons of tax declarations and centralizes data on stock movements, including quantities, valuations, and transaction dates.

The Information Center 2.0 platform is intended to enhance FBR’s ability to fortify the national exchequer by integrating multiple data streams. These include ST annexures, Customs import details, and reports on taxpayers in roles such as withholdees and withholding agents. The portal is accessible only through the IRIS platform used by tax officers at FBR field formations and features advanced search and filter options for swift data retrieval.

This modernization effort by FBR is seen as a significant step forward in tax collection strategies, balancing efficient revenue generation with economic growth. The system aims to improve reporting accuracy, reduce tax evasion, and strengthen financial management across the business landscape by promoting compliance through a centralized data ecosystem.

The post FBR Introduces New Digital Stock Register System to Enhance Tax Compliance appeared first on pakistannewsgazette.com.