ISLAMABAD: Federal Board of Revenue (FBR) has prepared and installed new computer software to ensure the automatic exchange of information about tax evaders with the Organization for Economic Cooperation and Development (OECD). The software will be operational from September 2018.
Sources told Customs Today that the automatic exchange of information will become operational from September 2018 and it can become a tool for bringing back ill-gotten money from abroad and can be proved fruitful to curb tax evasion.
You might also like
Sources said Pakistan Revenue Automation Ltd (PRAL) and the FBR operations teams have been assigned to supervise the use of the OECD software program, so as to ensure secrecy and the smooth automated exchange of information from September 1. FBR cannot commit as to when others will exchange information on automatic basis, as they can start anytime onward from September 2018.
Sources added that cost-effective technology solutions are already available for tax authorities for implementing, to prevent and detect these types of tax evasion and tax fraud. While with implementation of this software, substantial tax revenue would be generated due to reduction in tax evasion and tax fraud, and the board is focusing on the use of technology and digital solutions to address tax evasion.
