Prime Minister Shehbaz Sharif on Saturday approved the formation of a modern and globally standard digital ecosystem in the Federal Board of Revenue (FBR), besides directing the hiring of internationally renowned experts.

During a meeting held in Islamabad to review progress in the ongoing reforms in the FBR, the prime minister observed that the economy was moving in a positive direction due to the recent reforms in the FBR.

Ministers Muhammad Aurangzeb, Ahsad Khan Cheema, Minister of State Bilal Azhar Kayani, FBR Chairman, Chief Coordinator Musharraf Zaidi, economic experts and other senior officials attended the meeting, the PM Office Media Wing said in a press release.

The meeting was briefed on the progress regarding the formation of a modern digital ecosystem aimed at centralising FBR’s data and enabling real-time monitoring of the entire value chain.

The prime minister, while chairing the meeting, emphasised that not only digitisation, but a comprehensive digital ecosystem should be established to strengthen the new system and directed that all the relevant data, from raw material production and import, to manufacturing of goods and the final consumers’ purchase, should be integrated into a single system.

The prime minister said the system should be made so effective that the entire value chain could be monitored digitally in real time.

He further maintained that the centralised data collected under this system should be utilised for the economic strategic decision-making.

The prime minister stressed that the goal of reducing taxes for the common man could only be achieved by increasing the tax base and ending the informal economy.