FBR introduces advance stock register system to stop tax evasion

ISLAMABAD: The Federal Board of Revenue (FBR) has launched an innovative stock register system through the Information Center 2.0 platform. This robust digital infrastructure allows tax officers real-time, in-depth access to data of registered persons, promoting 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 complete views of IT and ST filing history, summaries, and authorized representative profiles. This integrated approach is further strengthened by tax and declaration comparisons, providing comprehensive monitoring capabilities. By carefully recording stock movements capturing essential details such as quantities, prices and transaction dates, the system enables tax officers to enforce regulatory compliance and verify accurate stock and compliance reports.

The Information Center 2.0 portal enhances FBR’s capacity to strengthen national treasury. The platform integrates diverse data streams, including ST annexes, Customs import details, and reports of taxpayers withholding and withholding agents, creating an efficient and comprehensive framework for tax monitoring. Exclusively accessible through the IRIS platform for tax officers in FBR field formations, Information Center 2.0 includes advanced filters and search features, enabling faster data retrieval to aid in compliance and accurate assessment. is

This move, aligned with the FBR’s commitment to modernization, represents a significant advance in tax collection efforts, striking a balance between efficient revenue generation and sustaining economic growth.

It promotes robust reporting, minimizes tax evasion, and strengthens resource and financial management across the business landscape, ensuring compliance with tax regulations through a centralized and transparent data ecosystem.