FBR to Set Up International Centre of Tax Excellence

Islamabad: According to news reported in the top newspaper on June 11, the Federal Board of Revenue (FBR) has announced plans to establish an International Centre of Tax Excellence in order to incorporate the expertise of independent tax specialists during the formulation of the nation’s tax policies.

The proposed section “230J” of the Income Tax Ordinance of 2001 will govern this project. According to the Finance Bill 2023, the International Centre of Tax Excellence by FBR’s main responsibilities will be:

Contributing to the development of tax policy
Creating model national tax policies
Conducting interdisciplinary research in tax administration and policy
Facilitating international tax cooperation
Revenue forecasting
Organizing international seminars, workshops, and conferences on pertinent issues faced by tax authorities in the field of international taxation
Enhancing the capabilities of inland revenue officers
Conducting tax analyses
Improving the design and implementation of tax administration to maximize revenue within existing provisions, with the aim of reducing the tax gap
The institute may undertake any other functions as directed by the Board or the Federal Government

A Nominating Committee, made up of the Minister-in-Charge, the Secretary of the Revenue Division, and the Secretary of Finance, will be constituted to guarantee efficient governance. The Federal Government will receive recommendations from this committee for the appointment of an Executive Director and independent members of the Executive Committee. The Chairman of the Federal Board of Revenue, Member (IR-Policy), Member (IR-Operations), and two independent members nominated by the Federal Government shall make up the Executive Committee. The Executive Committee’s Secretary will also be the Executive Director.

The Institute’s staff members and the Executive Director will follow the established guidelines. A minimum of 50% of the workforce must be current or former Inland Revenue officers with at least five years of expertise in tax administration or policy.

The Institute will receive the information required by the Board for processing, analysis, and performing its duties. The identifying information of taxpayers will be kept confidential in accordance with the rules provided in sub-section (7) of section 216, which was added by the Finance Bill 2023. However, this data will be anonymized before being transmitted to the Institute.

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