ISLAMABAD: The Federal Board of Revenue (FBR) has proposed amendments in the rules binding 145 departments at federal, provincial, financial institutions, housing societies, toll plazas, private sector and semi-autonomous departments for integrating real-time data with the tax machinery to ensure documentation and broadening of the tax base.
The Federal Board of Revenue proposes Real-Time Access Information and Databases to allow real-time access to information and databases for all economic transactions carried out by any person with these organisations.
Under the proposals, these organisations shall maintain the records of all transactions and shall provide access to them. If the organization is found to have tampered with the IT platform or fails to integrate with the Board’s RADAR, or refuses to furnish the information or furnishes false, incomplete information, the principal accounting officer or the principal officer of such organization shall be held responsible for such default and shall be liable to a penalty and/or prosecution.
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