Fri. Mar 1st, 2024
"FTDRP" Foreign Travelers Data for Taxation and Revenue Purposes

1. FTDRP Overview:FTDRP” – Foreign Travelers Data for Taxation and Revenue Purposes: Delving into the proactive initiatives of the Federal Board of Revenue (FBR), this section explores the pursuit of comprehensive data on foreign travelers from Immigration authorities. Emerging reports hint at a forthcoming presidential Ordinance dedicated to economic documentation, poised for approval from the Law and Justice Division. The primary objective is to enforce the regular transmission of data on foreign travelers from Immigration authorities to the FBR.

2. Systematic Information Exchange Strategy:FTDRP” emphasizes the FBR’s commitment to establishing a systematic information exchange mechanism. Insights shed light on the FBR’s collaboration with banks, Immigration authorities, provincial excise departments/motor registration authorities, land authorities, and various government departments. The pending Ordinance designates the Ministry of Information Technology as a pivotal player in the data collection process, aiming to expand the tax base.

3. Field Formations’ Action Plan: This section delves into the initiatives taken by field formations of the FBR, highlighting their proactive reception of data on one million non-filers. The data directs efforts towards new taxpayer registrations and the enforced filing of returns, contributing to a more robust tax ecosystem.

4. Real-Time Reporting Mechanism by Banks:FTDRP” explores the implementation of a real-time online/computer-based reporting system by all bank branches for withholding taxes. The section outlines how deducted taxes are promptly reported to the banks’ head offices, ensuring timely deposits into the government treasury within the stipulated period.

5. Comprehensive Statements by Banks: Examining the meticulous approach of banks, this section covers the consistent filing of statements under section (u/s) 165A of the Income Tax Ordinance 2001. It provides detailed information on all clients and the taxes deducted. Additionally, banks submit statements as prescribed under section 149/165 of the Income Tax Ordinance.

6. Consideration for Data Integration: This segment elaborates on the caretaker government’s contemplation of mandating regular data integration among all federal and provincial institutions and departments. The objective is to streamline the registration process for new income tax return filers, acknowledging the current hindrance of irregular and non-standardized data sharing.

7. Acknowledging Data Sharing Challenges: Closing with a focus on the caretaker government’s recognition of the lack of regular and standardized data sharing as a significant barrier, this section discusses ongoing efforts to address this challenge and enhance the effectiveness of the taxation system.

By ashraf

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