Federal Minister for Finance, Senator Mohammad Ishaq Dar, will chair the first meeting of the Tax Reforms Commission on October 18 (Saturday). Finance Minister had approved the constitution of the Commission last month with the resolve to facilitating the general public regarding tax issues and promoting tax culture in the country while also taking into consideration the suggestions of the people to improve the taxation system.
The move particularly envisages improving the tax to GDP ratio to boost the economy. The Commission as its duties, shall undertake, review and rationalisation of direct and indirect taxes; customs tariff rationalisation; review of autonomy and administrative structure of FBR and creation of border force to deal with illegal movement of persons and goods across the international borders. The Commission would also take up any other related issue as it deems necessary.
It may be mentioned that revenue collection by the FBR is already exhibiting upward trend. The FBR has collected revenue to the tune of Rs 543 billion in the July-September quarter in current financial year as compared to Rs 480 billion in the corresponding period last year. With the establishment of the Tax Reforms Commission, revenue collection is expected to improve further.-PR