ISLAMABAD: The Federal Board of Revenue (FBR) has revealed that during the period of heightened tensions with India, there were 1,684 attempts by Indian hackers to steal sensitive data.
Thankfully, these hacking efforts were thwarted by PRAL (Pakistan Revenue Automation Limited), which kept FBR’s data safe from falling into the wrong hands.
This disclosure came during a meeting of the Senate Standing Committee on Finance, where FBR officials also briefed members on the Finance Bill and addressed business community concerns.
During the session, FBR gave the green light to increase the cash transaction limit for registered businesses from Rs200,000 to Rs2.5 million.
Currently, there are around 200,000 registered traders and 30,000 registered manufacturers in the country. FBR Member Operations, Hamid Ateeq Sarwar, informed the committee that around 8 million income tax returns are being filed annually.
He added that any FBR officer who demands a bribe, free meals, or accommodation from a business premises will be shown the door immediately.
At the moment, nearly 900 officers are stationed at 400 business premises to monitor compliance.
However, the business community argued that sky-high utility costs — especially gas, electricity, and water — are eating into their profits and making local production less attractive.
Due to the sales tax on local yarn, many businesses are now turning to imported yarn, which they claim satisfies their clients better.
Hamid Ateeq also pointed out that cotton production is on the decline season after season, which is making matters worse for the textile sector.
To improve cargo clearance, the FBR is bringing Artificial Intelligence into play.
A risk management agreement has been signed between FBR Customs and the UK authorities, aiming to use AI to speed things up and make the system more efficient.
