Islamabad: The Federal Board of Revenue (FBR) has launched Maloomat – a tax profiling system – on its web portal to give access to filers and non-filers about their bank accounts and assets registered with FBR, according to news published on Wednesday (September 15).
It was reported that FBR has adopted measures to ensure the filing of returns. As a result, the number of income tax filers for Tax Year 2020 (TY2020) was over 3.1 million. As per the Revenue Division’s yearbook (2020-21), the board shared efforts to improve tax compliance. To develop a 360-degree view of taxpayers, the data sources including real estate, banks, and vehicles transactions have been recorded and a data bank was set up.
The notices were issued to more than 200,000 high net-worth un-registered persons based on the data bank. The data was collected from Diversified Industrial Service Company and gas companies to expand the tax base. It was reported that over 650,000 notices were issued on the information acquired by DISCOs and so far, 129,541 returns have been enforced.
In addition, FBR is focusing on sales tax harmonisation with provincial revenue authorities. It includes a single portal, definition of goods and services, harmonised tax rates, common minimum threshold, and single sales tax return. The initiative is expected to be complete in the medium term.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
