Islamabad: According to news released on Wednesday, the Federal Board of Revenue (FBR) has launched Maloomat, a tax profiling system, on its web page to allow filers and non-filers access to information about their bank accounts and assets registered with the FBR (September 15).
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According to reports, the FBR has taken steps to ensure that returns are filed on time. As a result, over 3.1 million people filed income tax returns in Tax Year 2020 (TY2020). The board shared efforts to increase tax compliance, according to the Revenue Division’s yearbook (2020-21).
To create a 360-degree perspective of taxpayers, data sources such as real estate, banking, and car transactions were recorded, and a data bank was established.
Based on the data bank, notices were sent to over 200,000 unregistered high-net-worth individuals. To broaden the tax base, data was gathered from Diversified Industrial Service Company and gas firms. Over 650,000 notices were reportedly issued based on information obtained by DISCOs, with 129,541 returns being enforced thus far.
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In addition, FBR is working with provincial revenue authorities to harmonise sales taxes. A single site, a definition of goods and services, harmonised tax rates, a common minimum threshold, and a single sales tax return are all part of the plan. The project is expected to be completed within the next several months.
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