ISLAMABAD: The Federal Board of Revenue (FBR) has categorically denied the insinuation made in the story published in Business Recorder on February 8, 2022 with the title “Yet another ‘finance bill’ on its way?” The FBR has clarified that the review of the tax laws is an ongoing exercise which the FBR undertakes in routine.

The FBR is currently grappled with harmonization of the existing tax laws into IR-Code which would be a major milestone as it would not only add to administrative convenience in the enforcement of tax laws but also contribute to ease of doing business.

It is also added that 7th Review Mission under the IMF Programme is scheduled in March 2022. Any changes that might be required as a result of the ongoing exercise could very conveniently be given effect at the budget time through the Finance Act, 2022.

Copyright Business Recorder, 2022