Under the direction of the Chairman FBR and as part of FBR’s comprehensive digitalization efforts to optimize tax administration and boost revenue collection, FBR has launched an advanced Stock Register system via the Information Center 2.0 platform. This robust digital infrastructure grants tax officers real-time, in-depth access to registered persons’ data, bolstering transparency and securing compliance with Income Tax (IT) and Sales Tax (ST) regulations.
The Stock Register within Information Center 2.0 functions as a sophisticated management information and reporting system, empowering tax officers to securely retrieve detailed stock data to facilitate precise tax assessments and mitigate the risk of tax evasion. The system centralizes taxpayer profiles, offering thorough views of IT & ST filing histories, summaries, and authorized representative profiles. This integrated access is further strengthened by tax and declaration comparisons, providing comprehensive oversight capabilities. By meticulously recording stock movements capturing essential details such as quantities, valuations, and transaction dates, the system enables tax officers to enforce regulatory compliance and validate accurate stock and compliance reports.
Source : https://fbr.gov.pk/pr/fbr-launches-advance-stock-register-system/174160