Canada Global(Web News) The government has decided to collect data from 145 federal and provincial institutions to increase the tax net.
To expand the tax net and bring new people into the tax net, the federal government has provided real-time data to a total of 145 federal and provincial institutions including all banks, defense housing authorities, housing societies, civil aviation, provincial excise. . and taxation departments. It has been decided to make it mandatory to connect to the system of Federal Board of Revenue for sharing.
The Federal Board of Revenue (FBR) has decided to amend the Income Tax Rules 2002 for which draft amendments to the Income Tax Rules have been prepared and released for suggestions and comments from stakeholders. And stakeholders have been asked to send their feedback and suggestions within 7 days, comments and suggestions received after the prescribed period will not be entertained and the amended rules will be implemented through gazette notification.
In the proposed rules, 145 institutions have been asked to be connected to the real-time data analysis radar, and in the ongoing notification of the FBR, banks, including federal and provincial departments, will also have to be connected to the system and institutions that are not. Violation after connection or not sharing real-time data, action will be taken against the responsible officers under which they will be fined and punished.
According to the document, the establishment of the system will provide real-time information from various databases to the tax authorities. The FBR has issued a notification of draft amendments to the Income Tax Laws to establish a real-time system, adding that the FBR will have full access to the databases of various institutions. The proposed amendments to the rules laid down by the FBR have set a target of connecting all institutions to the radar system by January 15, 2024.
