FBR’s New Directive: A Step Towards Transparent Taxation in Pakistan

The Federal Board of Revenue (FBR) of Pakistan is entering a new era of tax transparency and compliance with its latest directive, SRO 1771(I)/2023. The notification now requires real-time access to databases and information across a wide range of organizations, including financial institutions like commercial banks, government departments, and other private entities. This move is a significant stride in broadening Pakistan’s tax base and clamping down on tax evasion.

For instance, with organizations such as the Pakistan Stock Exchange (PSX), State Bank of Pakistan (SBP), and Securities & Exchange Commission of Pakistan (SECP) under this ambit, FBR will have unprecedented insights into economic transactions. This integration allows for a more comprehensive understanding of financial activities across sectors, aiding in identifying potential tax evaders and non-filers.

This extensive data access is not limited to financial institutions alone. Various other entities, from government departments to private organizations, are now part of this initiative. This implies a more robust and transparent system for tax collection and compliance, signifying a decisive change in how financial transactions are monitored in Pakistan.

What does this mean for individuals and businesses? It signals a time for heightened diligence in financial dealings and tax filings. The new system will leave little room for oversight or non-compliance, making it crucial for taxpayers to be more vigilant and accurate in their tax submissions.

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