ISLAMABAD: In line with the vision of Prime Minister Imran Khan to enhance transparency in the tax collection system, the Federal Board of Revenue (FBR) has signed an MoU with the Board of Revenue, Punjab.
According to a spokesperson for the FBR, Punjab will share data, including E-Stamps on a number of transactions and land ownership data, with the federal tax body under the MoU.
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He said the FBR has been making consistent efforts to acquire third party data by linking its IT Systems with such parties to broaden tax base and to improve the transparency in the collection system.
On October 3, the FBR had released figures for the total tax collection in the first quarter of the fiscal year 2020-21, noting the revenue soared by Rs34 billion over set target.
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The tax body said the FBR was able to amass a revenue of Rs1004 billion (Rs1.004 trillion) which was more than the set target for the first quarter. It is the first time it could collect over Rs1 trillion in both gross and net revenues over a quarter period.
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