The high-powered implementation committee of the Tax Reforms Commission (TRC) Thursday constituted sub-committees on functional and territorial jurisdiction, mapping of retail outlets, simplification of laws, electronic monitoring of production of the tobacco industry, underground economy and forensic audit for speedy implementation of reforms in these areas.
Sources told Business Recorder here on Thursday that the meeting of high-powered implementation committee of TRC was held at the FBR House to finalise timeframe for implementation on the tax reform initiatives by the FBR. The meeting was attended by senior FBR officials and members of the TRC.
The meeting discussed in detail each recommendation of the implementation committee. The sub-committees would submit their recommendations during the next meeting to be held on February 23.
Sources said that the sub-committee on functional and territorial jurisdiction would discuss the three-tier structural reforms regarding establishment of a three-tier structure covering large taxpayers units, corporate RTOs/zones and composite units in peripheral areas.
Sources said that the sub-committee on mapping of the retail outlets would discuss in detail the mechanism to identify and document the retailers'' sector.
The sub-committee on simplification of laws would take input from FBR Tax Policy Wing for consideration. It has been decided that the agreed sales tax proposals may be implemented within a short time.
Sources said that the sub-committee on electronic monitoring of production of the tobacco industry would recommend whether tax stamping or track and trace system would be appropriate for tobacco sector. The FBR is in the process of finalising some mechanism for electronic monitoring of tobacco sector.
The sub-committee on forensic audit would propose recommendations for strengthening of tax audit functions.
Another sub-committee has been established to monitor implementation of action plan to reduce the level of underground economy.
Sources added that the sub-committee on ADRC would give recommendations to improve working of alternative dispute resolution committees (ADRCs).
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