FBR Obliged to Share Large Taxpayers’ Data with IMF

In its national report on Pakistan following the $3 billion Standby Agreement (SBA), the IMF outlines this condition.

According to the report published on July 18, 2023, the FBR is required to give the IMF specific information about tax collection and taxpayers. The information to be supplied comprises quarterly information on the number of taxpayers and the total amount of taxes handled by large taxpayer offices (LTOs). The FBR is required to give separate reports on the entire amount of money that the tax and customs administrations have taken in, including money from individual taxes and social contributions. In addition, the FBR will provide monthly information on tax arrears broken down by tax category.

All tax refund claims that are overdue will be reported to the IMF, with the FBR providing an itemized breakdown by tax type (GST, income tax, customs charges, etc.). Additionally, comprehensive information on automated Goods and Services Tax (GST) refunds will be given, including the number of unclaimed tax credits for all tax revenue types, the percentage of total refunds that were processed automatically, the total amount of automated and automatic refunds and offsets, and the typical wait time (in days) before receiving a refund.

The total value of recorded imports, the value of recorded imports for which duties have already been paid, the total number of transactions involving recorded imports, and the total number of transactions involving recorded imports for which duties have not yet been paid will all be disclosed. The FBR will make public the proportion of chosen companies that were audited as well as the revenue that was discovered during these audits with regard to taxpayers.

In accordance with the provisions of the Stand-By Agreement with the IMF, these data-sharing measures seek to encourage transparency and improve understanding of Pakistan’s tax system and revenue-collecting practices.