AIRLINK 86.21 Decreased By ▼ -0.99 (-1.14%)
BOP 4.97 Decreased By ▼ -0.05 (-1%)
CNERGY 4.08 Decreased By ▼ -0.01 (-0.24%)
DFML 37.22 Decreased By ▼ -0.68 (-1.79%)
DGKC 91.20 Decreased By ▼ -2.68 (-2.85%)
FCCL 22.99 Decreased By ▼ -0.78 (-3.28%)
FFBL 33.74 Increased By ▲ 1.07 (3.28%)
FFL 9.19 Decreased By ▼ -0.06 (-0.65%)
GGL 10.05 Increased By ▲ 0.02 (0.2%)
HASCOL 6.25 Decreased By ▼ -0.29 (-4.43%)
HBL 126.25 Increased By ▲ 4.33 (3.55%)
HUBC 158.29 Increased By ▲ 12.64 (8.68%)
HUMNL 11.08 Increased By ▲ 0.58 (5.52%)
KEL 4.64 Decreased By ▼ -0.10 (-2.11%)
KOSM 4.09 Decreased By ▼ -0.10 (-2.39%)
MLCF 38.25 Decreased By ▼ -0.55 (-1.42%)
OGDC 133.40 Decreased By ▼ -1.61 (-1.19%)
PAEL 25.40 Increased By ▲ 0.32 (1.28%)
PIBTL 6.22 Decreased By ▼ -0.05 (-0.8%)
PPL 119.25 Decreased By ▼ -0.43 (-0.36%)
PRL 24.58 Increased By ▲ 0.48 (1.99%)
PTC 12.28 Increased By ▲ 0.06 (0.49%)
SEARL 59.32 Decreased By ▼ -0.48 (-0.8%)
SNGP 65.60 Increased By ▲ 0.60 (0.92%)
SSGC 9.87 Decreased By ▼ -0.18 (-1.79%)
TELE 7.85 Decreased By ▼ -0.02 (-0.25%)
TPLP 9.49 Decreased By ▼ -0.25 (-2.57%)
TRG 63.80 Decreased By ▼ -0.50 (-0.78%)
UNITY 27.26 Increased By ▲ 0.21 (0.78%)
WTL 1.28 Decreased By ▼ -0.04 (-3.03%)
BR100 8,341 Increased By 31.1 (0.37%)
BR30 26,457 Increased By 506.8 (1.95%)
KSE100 78,810 Increased By 9 (0.01%)
KSE30 25,474 Increased By 35.6 (0.14%)
Print Print 2024-01-06

FBR restructuring plan finalised

  • A summary is likely to be moved in the next meeting of the federal cabinet for the approval of the FBR’s restructuring plan
Published January 6, 2024

ISLAMABAD: The caretaker government has finalised the restructuring plan of the Federal Board of Revenue (FBR). According to sources, the Apex Committee of the Special Investment Facilitation Council (SIFC) has given approval of the FBR’s reforms and restructuring plan.

A summary is likely to be moved in the next meeting of the federal cabinet for the approval of the FBR’s restructuring plan.

The summary will be moved after receiving minutes of the meeting of the last SIFC committee meeting.

Restructuring of FBR: Customs to be separated from revenue collection mechanism, says Dr Shamshad

The summary would ensure the implementation of an action plan for restructuring Pakistan’s tax administration. It would also strengthen the internal governance of the FBR.

The caretaker government is likely to constitute a special Customs Board to manage the affairs of Pakistan Customs under the ongoing reform plan.

The Customs will be separated from the revenue collection mechanism for tracking the smuggling and other elements, while the revenue collection will remain a mandate of the FBR. A separate Inland Revenue Board may also be established under the supervision of the Revenue Division.

Under the tax reform program, five federal secretaries, including Finance, Industries and Production, National Food Security, Commerce, and Interior will be ex-officio members of the Customs Board.

The restructuring measures in the FBR will remove the apparent conflict of interest in tax collection’ as well as enhance the performance of the tax machinery.

The FBR is also moving towards innovative digital technologies that would help broaden the tax base and minimise the tax policy and compliance gap

Sources said that the FBR high-ups have conducted a number of meeting with SIFC on the reform agenda of the FBR subsequently, it approved on last Thursday.

The government has also reportedly decided to create a new post of “Member Appraisement” in the Customs Department to separate the appraisement from operations and enforcement. Another proposal is to separate Tax policy function from the FBR, sources added.

Copyright Business Recorder, 2024

Comments

Comments are closed.

Twain pen di Jan 06, 2024 06:09am
shit here or shit there, its shit after all.
thumb_up Recommended (0)
KU Jan 06, 2024 11:18am
Sad affairs, the top handful ignore the inherent disease of corruption in this department and loss of revenue at their hands, and yet this demon is now set to have bite-size departments to induce more of what they are famous for.
thumb_up Recommended (0)
E Jan 07, 2024 06:22pm
Fbr if they are serious. Gold Leaf cigarettes are sold at rs. 500 in retail shops. The printed price is rs 482 per packet of cigarettes where is the difference going is Ghe company being taxed ??? Or are the distributors being taxed. I think we should raise matter with imf as well as consumers so they can force her to collect taxes from the distributors and manufacturers of cigarettes.
thumb_up Recommended (0)