The Federal Board of Revenue (FBR) recently concluded a three-day International Conference on Digitalization of Taxes in Pakistan, held in collaboration with the United Nations Economic and Social Commission for Asia and Pacific (UN-ESCAP). The conference took place at the FBR Headquarters and aimed to explore the role of digitalization in tax systems, with a focus on sustainable development.
Syed Nadeem Hussain Rizvi, Member Administration of FBR, delivered the opening remarks on behalf of the Chairman of FBR, welcoming participants from multilateral organizations, the development sector, public sector organizations, FBR officers, and probationary officers of the Inland Revenue Service Academy in Lahore.
Alberto Isgut, Economic Affairs Officer at UN-ESCAP, highlighted the significance of Integrated National Financing Networks (INFN) for sustainable development, economic growth, and improving the tax-to-GDP ratio in developing nations. The INFN promotes knowledge sharing between technology experts and tax officials, emphasizing the mobilization of financing for productive investments in recovery and the achievement of Sustainable Development Goals (SDGs) through enhanced tax compliance.
The conference featured international experts, including Prof. Frank Chan from ESSEC Business School in France, as well as participants from the Australian Tax Office, Financial Directorate of the Slovak Republic, Federal Ministry of Finance in Austria, and National Tax and Customs Administration in Hungary, who attended virtually.
FBR has embraced digitalization to keep pace with global trends and enhance the documentation of the economy. The board has launched four key projects: the Track and Trace System (TTS) for production monitoring, a Point of Sale (POS) System for real-time reporting of sales invoices by tier-1 integrated retailers, Digital Invoicing to document the complete supply chain, and the Synchronized Withholding and Payment System (SWAPS) for simultaneous payment of withholding taxes and transfer of withholding payments through the State Bank of Pakistan’s latest payment gateway, RAAST, built on the ISO 20022 banking standard with payment contextualization.
The conference, which concluded on June 22, 2023, also included a Training Need Assessment for FBR officers, aimed at equipping them with the necessary skills to adopt technology, utilize data analytics, and conduct economic evaluations effectively. The event provided valuable insights and discussions to drive digitalization efforts in the tax sector and contribute to sustainable economic development in Pakistan.
