Business deals documentation: DG I&I IR to have online linkage with provinces

The Directorate General of Intelligence and Investigation, Inland Revenue, Federal Board of Revenue has decided to have online linkage with the provincial board of revenues, housing societies and other departments to document all business related transactions including buying/ selling of property at national level.
Sources told Business Recorder here on Friday that the initiative has been taken by Shahid Hussain Asad Director General, Directorate of Intelligence and Investigation, IR to compile a national database covering crucial area of business transactions taking place in provinces. The directorate would have an online linkage with all the provincial board of revenues, Defence Housing Authorities, housing societies, private schools/colleges and other sources of information for documentation of the economy. In this regard, DG I&I IR has personally started direct interaction with the provincial government departments for speedy updating of the national database.
Sources said that the FBR will also have direct access to the data of private health care institutions and others working at the provincial level. Such kind of linkage would ensure availability of the updated information about business transactions of rich un-documented persons. The purpose of the whole exercise is to maintain a national database of all un-documented persons. Based on the database, the FBR will maintain the tax profiles of the rich persons to document their each and very transaction including purchase of property, vehicle, membership of clubs, rental income and payments made to expensive schools and health institutions etc.
Sources said that the Provincial Board of Revenues could play an important role in documentation of the economy. The national database of the FBR would try to document names and other credentials of all persons engaged in buying and selling of property for documentation purposes.
The un-documented persons engaged in such kind of business transactions cannot escape from the directorate of intelligence IR in the presence of the authentic data. Once all provincial transactions would be recorded in the FBR database, it would be instrumental in compiling complete profiles of wealthy persons.
As the agency is now fully equip to issue notice of section 122(c) of the Income Tax Ordinance 2001 to the un-documented persons with full evidence, it is in the interest of tax dodgers or tax evaders to come forward and file their return with accurate income to avoid heavy penalties and other punishments as per law.