The Federal Board of Revenue (FBR) on Monday made the Directorate General of Compliance Risk Management (CRM) operational to develop risk profiles of the main segments and sectors of Pakistan.
According to a notification issued by the FBR on Monday, in pursuance of the functions, jurisdiction, and powers of the Directorate General of Compliance Risk Management (CRM), as notified by S.R. 0.1796 (1) 2022 dated September 28, 2022, and with the approval of the Board-in-Council, the Competent Authority has approved the establishment of the “Directorate General of Compliance Risk Management (CRM)” under the FBR.
The Director General of the Directorate will exercise the powers of the Chief Commissioner, and the Directors of the new Directorate will exercise the powers of the Commissioners of Inland Revenue.
According to the details, the Directorate shall develop risk profiles for the main segments and sectors related to the four pillars of compliance (registration, filing, reporting, and payment) to be included in the risk register. This would be required at least quarterly and annually.
The Directorate would have the mandate for the creation and updating of the risk register and the collection of data (from both internal and external sources) through an integrated system with the Information Technology Wing of the FBR for the purpose of creating an indigenous data bank. It would also conduct environmental scanning, research, and studies on approved compliance topics.
The Directorate would be engaged in the collection of risk evaluation reports from risk owners (field formations) based upon taxpayer segments at all four compliance levels (registration, filing, correct reporting, payment, and collection) on a quarterly and annual basis and in the updating of the risk portal.