Fri. Mar 1st, 2024
Illegal educational institutions: FTO orders probe into tax mattersIllegal educational institutions: FTO orders probe into tax matters

ISLAMABAD: In a significant development, integrated remittance gateways authorized by the State Bank of Pakistan (SBP) have been designated as key financial entities, granting them the authority to offer instantaneous access to data and information pertaining to economic transactions. This access is extended to the Federal Board of Revenue (FBR), marking a crucial collaboration between financial institutions and tax authorities to enhance real-time monitoring and oversight of economic activities.

In a recent announcement, the Federal Board of Revenue (FBR) took a significant step by releasing a comprehensive list of integrated organizations. This inclusive list encompasses various agencies, authorities, institutions, and organizations outlined in section 175A of the Income Tax Ordinance. These entities are slated to be seamlessly integrated with the FBR’s cutting-edge “real-time accessed data analysis repository (RADAR).”

Furthermore, the FBR has concurrently issued a list specifying financial institutions mandated to undergo integration with the FBR’s RADAR. This strategic move underscores the FBR’s commitment to bolstering its data analysis capabilities and fostering a more synchronized and efficient approach to tax-related processes.

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The FBR has outlined a comprehensive spectrum of financial institutions poised to contribute real-time access to crucial information and databases pertinent to economic transactions. This diverse array of entities includes Non-Banking Financial Institutions (NBFIs) licensed by the State Bank of Pakistan (SBP), Asset Management/Mutual Funds Institutions, commercial banks, Micro Finance Banks, Development Financial Institutions (DFIs), Real Estate Investment Trusts (REITs), Insurance Companies, National Investment Trust Limited, Pakistan Mortgage Refinance Company Limited, Pakistan Stock Exchange, Pension Funds (registered under Voluntary Pension System) Accounts/DDO Offices, Provincial Excise and Taxation Departments (for information other than Motor Vehicle Registration), private pension funds and trusts (registered with FBR), Provident Fund Institutions (registered under Provident Fund Act 1925), House Finance Companies, Investment Banks, Micro-finance Banks (such as Easy Paisa, Jazz Cash, etc.), Modaraba companies, National Clearing Company of Pakistan Limited, NIFT and RTGS, Non-Banking Financial Companies (NBFCs), Payment Aggregators, Payment Service Providers (PSPs), Payment Service Operators (PSOs), and Remittance Gateways licensed by the SBP. This expansive integration underscores a concerted effort to enhance transparency and streamline information-sharing channels for effective economic oversight.

The organizations enlisted in section 175A bring a wealth of essential information into focus. Noteworthy among these integrated entities are the National Database and Registration Authority (NADRA), entrusted with data related to crucial identity documents such as the National Identity Card, Pakistan Origin Card, Overseas Identity Card, Alien Registration Card, and other pertinent details housed in the Citizen Database. Additionally, the Federal Investigation Agency and the Bureau of Emigration and Overseas Employment play pivotal roles, providing intricate details regarding international travel, entry, and exit of individuals.

This encompasses comprehensive information on work permits, employment visas, and immigration visas, fostering a robust collaboration aimed at enhancing oversight and management of critical aspects related to national and international movements.

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By Zarish

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