Pakistan Revenue Automation Limited (PRA) is a subsidiary company of the Federal Board of Revenue (FBR) in Pakistan. It was established with the aim of automating tax administration in Pakistan. The main objectives of PRA are to improve the efficiency of tax administration, reduce tax compliance costs for taxpayers, and increase tax revenues for the government.
The Pakistan Banks’ Regulation Act (PRA), 1993 governs the regulation and supervision of banks operating in Pakistan. PRA provides a range of services to taxpayers, including online tax registration, tax return filing, and tax payment. The PRA website serves as a one-stop shop for taxpayers, allowing them to complete all their tax-related tasks electronically. This includes registering for taxes, filing tax returns, paying taxes, and checking the status of their tax returns and payments.
By automating tax administration, PRA helps to reduce the time and cost associated with tax compliance, making it easier for taxpayers to fulfill their tax obligations. This, in turn, helps to increase tax compliance and revenue collection, which is essential for the growth and development of Pakistan.
The key requirements under the PRA include:
- Capital Adequacy: Banks are required to maintain a minimum capital adequacy ratio as determined by the State Bank of Pakistan.
- Licensing: Banks must obtain a license from the State Bank of Pakistan to commence operations.
- Prudential Regulations: Banks must comply with various prudential regulations, such as those relating to loan classification, loan provisioning, and management of interest rate and foreign exchange risk.
- Corporate Governance: Banks must adhere to principles of good corporate governance, including the appointment of independent directors, the formation of audit and risk committees, and the provision of regular reports to stakeholders.
- Supervision: The State Bank of Pakistan is responsible for the supervision of banks operating in Pakistan and has the authority to inspect their books and records, and to impose penalties for non-compliance.
- Deposit Insurance: Deposits with banks in Pakistan are insured up to a certain limit under the Pakistan Deposit Insurance Corporation.
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Here is a step-by-step guide to registering with the PRA in Pakistan:
Step 1: Determine your eligibility Check whether you are eligible to register with the PRA by visiting the FBR website.
Step 2: Gather the necessary following documents:
- National Tax Number (NTN)
- National Identity Card (NIC)
- Business registration certificate (for businesses)
Step 3: Visit the PRA website and click on the “Taxpayers” tab.
Step 4: Register Click on the “New Registration” button and fill out the registration form with the required information.
Step 5: Upload the necessary documents, including your NTN and NIC, to complete the registration process.
Step 6: Confirm registration after submitting the registration form and uploading the necessary documents, you will receive a confirmation email from the PRA. Follow the instructions in the email to complete the registration process.
Step 7: Your account will be activated within 2-3 working days of completing the registration process. You will receive an email with your login credentials.
Step 8: Once your account is activated, log in to the PRA website and complete your profile by providing additional information, such as your business information, bank details, and contact information.
It is important to note that the PRA registration process may change over time, so it is advisable to check the latest guidance from the FBR.