Prime Minister Shehbaz Sharif on Saturday granted approval for 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 to review progress on the ongoing reforms in the revenue board, the prime minister observed that the economy was moving in a positive direction due to the recent reforms in the FBR.

Finance Minister Muhammad Aurangzeb, Minister for Economic Affairs Ahad Khan Cheema, Minister of State for Finance Bilal Azhar Kayani, FBR chairman, and the revenue board's Chief Coordinator Mosharraf 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.

PM Shehbaz, 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 opined that the centralised data collected under this system should be utilised for the economic strategic decision-making.

The premier 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.

Earlier this month, PM Shehbaz stressed that reforms in the FBR were among the government's top priorities, and the new technology-based modern system would bring ease in doing business and provide convenience to taxpayers.

Chairing a meeting concerning FBR, he was informed that for the first time in Pakistan's history, an artificial intelligence (AI)-based Custom Clearance and Risk Management System (RMS) has been introduced.

The briefing also highlighted not only there was 83% more goods declarations (GD) determined for tax collection, but goods clearance through the green channel also increased two-and-a-half times.

Expressing his views on the occasion, the prime minister said that due to reduced human intervention, the system would be more efficient, saving both time and money.

The PM ordered to make the new system integrated and sustainable and commended the officers and staff who worked on the development of the new risk management system.