Islamabad: Finance Minister Shaukat Tarin stated on Monday (January 10) that the government is developing digital solutions to extend the tax base and enhance the collection, according to news reports. The Federal Board of Revenue (FBR) and the National Database and Registration Authority (NDRA) will collaborate to develop the planned digital tax portal.
According to reports, the portal would contain information on the person’s tax record, assets, and the tax owed on each item. This real-time data will also reduce the undue harassment of taxpayers. The minister revealed this information before members of parliament in the Senate Standing Committee on Finance, Revenue, and Economic Affairs while giving a briefing on the Finance (Supplement) Bill, 2021. He said that the project’s goal is to streamline tax collection and revenue generation. Furthermore, FBR members stated that reimbursements will be issued to EPZ exporters within 48 hours after the application of the tax on Export Processing Zone (EPZ) machinery.
It is worth noting that NADRA and FBR have worked to develop a digital tax solution for a real-time ‘track and trace’ system to monitor goods manufacturing and collect taxes as needed. The system is believed to be effective against sales underreporting.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
