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What FBR Knows About You? - TaxationPk - 12-04-2024 What FBR Knows About You? The Federal Board of Revenue (FBR) is the apex tax administration body in Pakistan. It is responsible for collecting taxes and enforcing tax laws. The FBR maintains a vast amount of information about taxpayers, including their income, expenses, and assets. This information is used to assess and collect taxes, as well as to investigate and prosecute tax evasion.
Basically, the taxpayers provide all this information to FBR indirectly. Whenever any tax on income is deducted by the withholding agents the info is entered in the FBR record. While filing the annual income tax return the taxpayer fails to acknowledge the fact that they have already paid the tax and notified the FBR about their transaction. The difference which the taxpayer needs to understand that for access of this information one does not necessarily be required to be the tax filer. It is a basic misconception that FBR only knows the information that the taxpayer enters at time of filing. FBR along with NADRA and SBP is streamlining the process and one day all the digital transactions will be in FBR radar. The taxpayer needs to be vigilant and make a record of all the data available in MIS tab in iris as well as any data in the sales tax record. There are a number of reasons why the FBR restricts public access to its information. One reason is to protect the privacy of taxpayers. The FBR does not want taxpayers’ personal financial information to be made public without their consent. Another reason is to prevent the misuse of FBR information. The FBR does not want its information to be used by criminals or by businesses to gain an unfair advantage. Despite the restrictions, there are still a number of ways for the public to access FBR information. The following are some of the most common ways:
It is important to note that the FBR has the right to deny access to information if it believes that disclosure would be harmful to the public interest or to the privacy of taxpayers. https://taxationpk.com/what-fbr-knows-about-you/ |