Federal Board of Revenue of Pakistan (FBR) successfully launched an advanced Stock Register system to facilitate tax officers with real-time access to registered individuals’ data.
The newly introduced Stock Register system will enhance transparency and ensure compliance with Income Tax (IT) and Sales Tax (ST) regulations.
The system was launched on the directives of the Chairman FBR as part of the tax body’s efforts to digitalise its operations.
How FBR advanced Stock Register system will help tax officers
In place within Information Center 2.0, the system will function as a management information and reporting system, enabling tax officers to fetch detailed stock data in a safer manner to conduct thorough tax assessments and mitigate the risk of tax evasion.
Moreover, the system will bring taxpayer profiles under a single umbrella, granting comprehensive glance into IT & ST filing histories, summaries, and authorised representative profiles.
The streamlined access is also complimented by tax and declaration comparisons. Using the advanced Stock Register system, tax officers will be able to carefully record stock movements and imperative details including quantities, valuations, and transaction dates.
This approach will guarantee better enforcement of regulatory compliance and the validation of accurate stock and compliance reports.