ISLAMABAD: The Federal Board of Revenue (FBR) has directed 145 federal government and semi-autonomous departments, provincial government departments, financial institutions, and private organizations to integrate with FBR’s real-time accessed data analysis repository (RADAR) for providing real-time access to information and databases.
In this connection, on Tuesday, the FBR issued a notification to introduce draft amendments to the Income Tax Rules 2002.
The new procedure shall provide for real-time access to databases and information to the Board by the organizations. The purpose is to document covering transactions for the exchange or transfer of title or ownership of assets, services, and goods involving economic value provided by one person to another person.
FBR Issues List of Authorities, Institutions, Agencies, and Organizations
The FBR has also issued a list of authorities, institutions, agencies, 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 provide information under section 175A of the Income Tax Ordinance.
Every integrated organization shall integrate with the Board’s RADAR not later than January 15, 2024, or such date as notified for integration of such organization to provide real-time access to database and information 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 means a Common Transmission System or IT platform, particularly installed, designed, and integrated by the board with the IT platform of the integrated organization, for real-time access to databases and information.
Until real-time access to the database and information is made available, such data and information shall be provided periodically in such manner, form, and by such date as may be specified by the Board through instructions on a case-to-case basis.
Every integrated organization that is needed to furnish information as specified in this chapter shall provide correct, true, authenticated, and complete information.
