AVN 65.45 Increased By ▲ 0.50 (0.77%)
BAFL 30.65 Decreased By ▼ -0.86 (-2.73%)
BOP 4.83 Increased By ▲ 0.04 (0.84%)
CNERGY 3.72 Decreased By ▼ -0.12 (-3.13%)
DFML 14.26 Decreased By ▼ -0.15 (-1.04%)
DGKC 41.06 Decreased By ▼ -0.54 (-1.3%)
EPCL 46.56 Decreased By ▼ -0.14 (-0.3%)
FCCL 11.35 Increased By ▲ 0.06 (0.53%)
FFL 5.03 Decreased By ▼ -0.02 (-0.4%)
FLYNG 5.78 Decreased By ▼ -0.04 (-0.69%)
GGL 10.28 Decreased By ▼ -0.17 (-1.63%)
HUBC 67.03 Increased By ▲ 1.39 (2.12%)
HUMNL 5.68 Increased By ▲ 0.02 (0.35%)
KAPCO 27.85 Increased By ▲ 0.10 (0.36%)
KEL 2.19 Increased By ▲ 0.04 (1.86%)
LOTCHEM 24.83 Increased By ▲ 0.48 (1.97%)
MLCF 21.37 Decreased By ▼ -0.11 (-0.51%)
NETSOL 84.20 Decreased By ▼ -0.59 (-0.7%)
OGDC 85.94 Decreased By ▼ -1.31 (-1.5%)
PAEL 11.01 Increased By ▲ 0.03 (0.27%)
PIBTL 4.17 Decreased By ▼ -0.05 (-1.18%)
PPL 74.56 Decreased By ▼ -1.14 (-1.51%)
PRL 13.40 Decreased By ▼ -0.25 (-1.83%)
SILK 0.92 Increased By ▲ 0.03 (3.37%)
SNGP 40.44 Decreased By ▼ -0.89 (-2.15%)
TELE 5.86 Increased By ▲ 0.01 (0.17%)
TPLP 15.42 Decreased By ▼ -0.22 (-1.41%)
TRG 111.63 Decreased By ▼ -0.07 (-0.06%)
UNITY 13.76 Decreased By ▼ -0.22 (-1.57%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,037 Decreased By -26.9 (-0.66%)
BR30 14,412 Decreased By -56.6 (-0.39%)
KSE100 40,471 Decreased By -262.4 (-0.64%)
KSE30 15,163 Decreased By -67.2 (-0.44%)
Follow us

ISLAMABAD: Finance Minister Ishaq Dar has constituted an 11-member Reforms and Resource Mobilization Commission (RRMC) to review the existing revenue policies, budget proposals and amendments to Finance Bill and suggest measures/policies for resource mobilization.

A notification to this effect issued Thursday said that members of the PRMC, headed by Ashfaq Tola, would have Asif Haroon, Haider Ali Patel, Abdul Qadir Memon, Dr Veqar Ahmed, Saqib Sherazi, Ghazanfar Bilour, President FPCCI or his nominee, President Pakistan Tax Bar Association, Chairman FBR, member (Reforms & Modernization) FBR Secretary to the Commission whereas Nisar Muhammad-Customs, Dr. Muhammad Iqbal-Income Tax and Abdul Hameed Memon-Sales Tax have been included as subject experts.

Dar dismisses sovereign default threat

Under the terms of reference (ToRs) of the Commission, it would advise and make recommendations to the Finance Minister in the areas: (i) to review existing revenue policies, evaluate FBR data at macro level, and identify initiatives, measures, policies for resource mobilization, ease of doing business, and pro-economic growth (ii) to identify issues, difficulties, snags, risks of the existing tax system and recommend remedial measures (iii) to review the budget proposals, evaluate their consequences on business, and advice finance minister on practical aspects of budget proposals (iv) to review the proposed amendments to Finance Bill and make recommendations to Dar on implications of proposed amendments on businesses (v) to review the complexities of lax legislation and recommend simplification, eg, different compliance levels for different categories of taxpayers (vi) to suggest action plan to curb the parallel economy and to make recommendations for improving financial inclusion in the documented system (vii) to review and recommend a robust IT system on modern lines and upgrade existing IT facilities to maximize tax compliance. enforcement, broaden the tax base and provide tax payer facilitation (viii) to make recommendations for minimizing taxpayer/tax collector interaction and maximizing trust between FBR and the taxpayers (ix) to review and advise restructuring of FBR.

The commission would advise restricting of the FBR from the perspectives; (a) to evaluate the possibility of making FBR autonomous; (b) to evaluate the possibility of establishing an independent audit system;(c) to evaluate the possibility of establishing a separate legal department (x) to make recommendations on harmonization of GST between Federation and Provinces and development of a single portal for filing of sales tax returns (xi) any other related matter.

The Commission; (i) would be independent and headed by a full-time Chairman and its Chairman would report directly to Finance Minister; (ii) may interact with stakeholders and form sub-groups, and evaluate their proposals for the Federal Budget (in) may co-opt any other person with the prior approval of the Finance Minister; (iv) may avail services of any expert (s) on need basis; (v) will have a full-time Secretariat at FBR and FBR shall provide logistic and RR support to the Commission; (vi) would take decisions by majority vote of all members; (vii) would submit its first report by mid of April 2023.

Copyright Business Recorder, 2022


Comments are closed.

Commission set up to help govt mobilise resources

Govt says ‘will have to’ agree to IMF conditions

Imran steps up criticism of PDM govt

COAS vows to root out menace of terrorism

PTI chief won’t attend APC: Umar

Industry yet to export any amount of sugar

Russian oil supply likely by April

31 NA seats: ECP announces schedule for by-polls on March 19

RDA: pace of growth slightly lower

‘Rules’ allow banks to seek asset details of civil servants

Likely output dip in Feb, Mar: Indus Motor offering full refund with interest to customers