The Federal Board of Revenue (FBR) has directed 145 federal government and semi-autonomous departments, provincial government departments, financial institutions, and private institutions to integrate with FBR’s real-time accessed data analysis repository (RADAR) for providing real-time access to information and databases.
In this connection, the FBR issued a notification to introduce draft amendments in the Income Tax Rules 2002 on Tuesday.
The new procedure shall provide for real-time access to information and databases to the Board by the organizations. The purpose is to document economic transactions covering transactions for the exchange or transfer of title or ownership of assets, goods, or services involving economic value provided by one person to another person.
The FBR has also issued a list of agencies, authorities, institutions, and organizations including their attached departments, divisions, wings, institutes, sub-offices, and autonomous bodies by whatever name called, are required to integrate with the Board’s RADAR and shall furnish information under section 175A of the Income Tax Ordinance.
Every integrated organization shall integrate with the Board’s RADAR not later than 15th January 2024 or such date as notified for integration of such organization to provide real-time access to information and database relating to economic transactions as carried out by any person with the or reported to the said integrated organization.
The real-time accessed data analysis repository (RADAR)” means a Common Transmission System or IT platform specifically designed, installed, and integrated by the Board with the IT platform of the integrated organization for real-time access to information and database.
Until real-time access to information and database is made available, such information and data shall be provided periodically in such form, manner, and by such date as may be specified by the Board through instructions on a case-to-case basis.
Every integrated organization that is required to furnish information as specified in this chapter shall provide true, correct, authenticated, and complete information.
Source: Pro Pakistani