Federal Board of Revenue (FBR) and Punjab Information Technology Board (PITB) have decided to sign a memorandum of understanding (MoU) for exchange of data for revenue mobilisation and broadening the tax base. Sources told Business Recorder that the FBR will ink the MoU with the PITB for mutual sharing of knowledge, resources, technical and expertise for data access, data sharing and data integration for enhanced revenue mobilisation.
It is expected that the MoU would be signed for a period of two years between the two sides. The integration of data between the FBR and the PITB would ensure one window facility to sole proprietors and association of persons (AOPs), access to Case Flow Management System (CFMS) for Lahore High Court (LHC), assistance in broadening of the tax net through mutual sharing of data, exchange in technical expertise in data analytics and sciences for risk-based analysis, facilitation for online payment of FBR taxes and enabling users experience for online filing of taxes on IRIS.
One of the major objectives for accessing data is to bring new taxpayers into the tax net with the help of data available with the PITB. The data available with the PITB would be accessed by the tax authorities for the purpose of expanding the tax net.
According to the sources, the Punjab Information Technology Board is implementing a product-based solution having functions related to judiciary Case Flow Management System (CFMS) for Lahore High Court (LHC).
The PITB has worked very closely with Lahore High Court to leverage IT such that the judicial processes are made more efficient, transparent and effective. A state-of-the-art enterprise solution has been rolled out to achieve this objective.
Recently, the FBR held a session for the leading tax consultants, tax managers and businessmen and Punjab Information Technology Board (PITB), to create awareness about recent tax reforms undertaken by the FBR for ease of doing business. These reforms contain number of facilities introduced by FBR for the medium- and small-sized companies which include payment of income tax, sales tax and customs duty online through Alternate Delivery Channel (ADC).
The ADC includes payment through ATM, mobile banking and online banking. Online payments of pension contributions and social security contributions have also been introduced by Employees Old-Age Benefits Institution (EOBI) and Punjab Employees Social Security Institution (PESSI).
Another reform undertaken by FBR is the introduction of Virtual One Stop Shop (VOSS) whereby a company and its directors get registered with FBR by getting NTN at the time of registration of company with Securities and Exchange Commission of Pakistan (SECP).