ISLAMABAD: The Federal Board of Revenue (FBR) is all set to launch the first phase of digital directory for withholding agents with an aim to make tax collection system more efficient and help tax collectors to take real time decisions.
“Introduction Digital Directory for Withholding Agents is a Management Information System (MIS) built to monitor real-time tax collection received under various sections of withholding tax,” official sources said.
The MIS system has capability to analyze current withholding data with historical withholding collections, they said adding that the Chairman Federal Board of Revenue (FBR), Dr. Muhammad Irshad and Member Inland Revenue Operations and their team were given demonstrations over the working of the system.
The Chairman FBR appreciated the real-time availability of Withholding data and stated that this Digital Directory will enable the tax collectors to take real-time decisions which will subsequently improve the tax collection, they added.
The directory would be launched all across the country, which would enable FBR to broaden the withholding tax regime by enforcing the withholding agents to compliance with the tax laws.
FBR can benefit from this system by increasing revenue collections from withholding tax regime, and reducing the tax evasion pertaining to non-compliant withholding agents.
It would help in generating reports on withholding tax collection of Regional Tax Offices and Large Taxpayer Units, withholding tax collection, sectorial withholding tax collection besides producing section wise withholding tax reports.
The system would also generate withholding agent’s monthly tax collection report, withholders’ monthly tax collection, graphical dashboards, comparison of withholding tax collection with preceding year’s withholding tax and collection sending reminders to field officers for enforcement.
