Islamabad: The Federal Board of Revenue (FBR) and the Punjab Revenue Authority (PRA) will jointly launch and operate a single tax return portal, news sources reported on August 4. The initiative will be the country’s first single tax portal that’s aimed to enhance tax compliance.
According to reports, Standing Committee on Business and Tax Reforms Chairman Kashif Anwar made this announcement while addressing a seminar. The seminar was organised by the Lahore Chamber of Commerce and Industry (LCCI) to raise awareness about the Punjab Finance Bill 2023 and its amendments. Chairman Anwar claimed that the government is making every effort to make tax collection and return filing as simple as possible to increase tax collection. In this regard, the single tax return portal will be crucial since it will boost tax system efficiency.
In addition, Chairman Anwar stated that the government has modified the tax system to give additional incentives to the business community. For example, under the new finance bill, the businesses will now be required to keep only five years of tax records instead of keeping them for eight years,
It should be mentioned that the FBR and the National Database and Registration Authority (NADRA) are also developing an automatic tax collection method that would expand the country’s tax net.