Islamabad: The Federal Board of Revenue (FBR) has introduced a new Stock Register system as part of its broader digitalization strategy, aiming to improve tax administration and increase revenue collection. This initiative, executed through the Information Center 2.0 platform, provides tax officers with real-time, detailed access to data from registered individuals, enhancing transparency and ensuring compliance with both Income Tax and Sales Tax regulations.

According to Press Information Department, the Stock Register operates as a comprehensive management information and reporting system. It allows tax officers to securely access detailed stock information, supporting precise tax assessments and reducing the risk of tax evasion. The system centralizes taxpayer profiles, offering detailed views of their tax filing histories and authorized representative profiles. It also includes tools for comparing tax declarations, thus offering extensive oversight capabilities.

The Information Center 2.0 portal is designed to improve FBR’s ability to strengthen the national treasury by integrating various data streams, such as Sales Tax annexures and Customs import details. This creates a holistic framework for tax oversight. Accessible only through the IRIS platform at FBR field formations, the system includes advanced filtering and search functions, facilitating quick data retrieval to support compliance and accurate assessments.

This digitalization effort underscores FBR’s commitment to modernization and represents a significant advancement in tax collection. It aims to balance efficient revenue generation with economic growth, fostering robust reporting, minimizing tax evasion, and enhancing financial management across the business sector. The system ensures adherence to tax regulations through a centralized and transparent data ecosystem.