ISLAMABAD: Federal Board of Revenue (FBR) has decided to further expand the Information Communication Technology department and given approval of hiring 20 Information Communication Technology experts’ sources told Customs Today.
According to sources that the board with the aim to effectively monitor international transactions, tax returns, tax and withholding tax data to convert on the computerized system, has decided the expansion of Information Communication Technology department. The board has approved the vacancies to fill and forwarded it to Federal Public Service Commission for recruiting sources added.
Sources told that FBR has started sharing of information from September 2018 after installation of required hardware and software at the Federal Board of Revenue (FBR) and other dedicated units about bank accounts of non-residents on reciprocal basis under a multilateral tax convention with the Organization for Economic Cooperation and Development (OECD) nations.
However, financial information sharing with 56 countries has overburden the Information Communication Technology Department which needs expansion.
Meanwhile dealing the banking transactions at national international level the ICT experts are required to work effectively as the FBR has directed banks to bar transactions which are equal to or more than $50,000 from actual payable amount before implementation of international agreement pertaining to exchange of information about bank accounts and tax data.