Hi everyone! I hope you are all doing well. Welcome back to another blog. This article will discuss the topic in detail “FBR’s Conference on Digitalizing Taxes”. The Federal Board of Revenue (FBR) successfully held a highly anticipated three-day International Conference on the Digitalization of Taxes in Pakistan. The conference took place at the prestigious FBR Headquarters in collaboration with the esteemed United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP). The event was inaugurated by Syed Nadeem Hussain Rizvi, Member Administration of FBR, who delivered an insightful and inspiring inaugural note on behalf of Chairman FBR.
The conference attracted an impressive gathering of participants from diverse backgrounds, including representatives from multilateral organizations, the development sector, public sector organizations, seasoned FBR officers, and enthusiastic probationary officers from the esteemed Inland Revenue Service Academy in Lahore.
The collaboration between FBR and UN-ESCAP not only highlighted the commitment of Pakistan to embrace digital advancements but also fostered international cooperation and knowledge exchange in this vital domain. The event served as a platform for fostering relationships, promoting dialogue, and fostering a shared vision for a digitally empowered tax ecosystem in Pakistan.
Alberto Isgut, an esteemed Economic Affairs Officer at UN-ESCAP, strongly emphasized the pivotal role played by Integrated National Financing Networks (INFN) in driving sustainable development, fostering economic growth, and facilitating a rapid increase in the tax-to-GDP ratio among developing nations. These networks act as catalysts for knowledge sharing between technology experts and tax officials, propelling advancements in tax compliance measures.
The FBR embraces digitalization to document the economy, following global trends. They have launched four pivotal projects. These include the A track and Trace System (TTS) for production monitoring. They also introduced a cutting-edge Point of Sale (POS) System for real-time reporting of sales invoices. Additionally, Digital Invoicing is implemented for supply chain documentation.
Lastly, they have introduced the game-changing Synchronized Withholding and Payment System (SWAPS) for simultaneous tax payments and transfers. SWAPS utilizes the State Bank of Pakistan’s latest payment gateway, RAAST, based on the ISO 20022 banking standard. It promises to enhance efficiency and transparency in fiscal transactions.
In order to ensure a seamless transition to these advanced digital initiatives. The FBR has prioritized the development of its workforce. To this end, the board has planned a comprehensive Training Need Assessment for its officers. By equipping them with the requisite skills, knowledge, and expertise in technology adoption, data analytics, and economic evaluations. The FBR aims to empower its officers to effectively navigate the digital landscape. This crucial training initiative will culminate on June 22, 2023, marking a significant milestone in the FBR’s digital transformation journey.
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