A task force on tax reforms has been established by interim finance minister Dr. Shamshad Akhtar at the Federal Board of Revenue (FBR).
The task force will be led by the finance minister and comprise Dr. Manzoor Ahmed, Dr. Musharraf R. Cyan, Amanullah Amer, Aamir Ijaz Khan, Khalid Mahmood, Mehmood Khalid, Chairman FBR Malik Amjed Zubair Tiwana, and Dr. Ardsher Saleem Tariq, Member (Reforms & Modernization), FBR as the Task Force’s Secretary.
The task force’s terms of reference (TORs) cover the following topics:
- To create ideas or strategies to make it easier to pay taxes
- should put up a strategy for separating taxation and revenue collection.
- Review the FBR tax collecting statistics, the pertinent analysis, the performance metrics and reporting methods for the tax system.
- Review the FBR’s access to internal and external data and how it is used in the administration of taxes to identify areas of revenue performance and potential.
- Ask for suggestions from relevant organizations on how to improve the collecting of data by using it further.
- reducing compliance and administrative expenses, reviewing the continuing tax reforms, and making sure they correspond with broader national goals.
- Analyze the state of implementation as well as tax fraud, illegal immigration, unethical behavior, and other flaws.
- Make specific recommendations for countermeasures, note necessary structural adjustments to the tax administration, the need for human resources, the resolution of taxpayer grievance mechanisms, incentive alignment for tax collection, facilitation and compliance patterns, and any remaining gaps. Then, suggest a course of action for effective tax collection.
- Examine the income tax and sales tax collection processes.
- Evaluation of the online tax system and import goods, including a review of system audit reports for ideas on how to close loopholes.
- Identify obstacles and suggestions for reducing bottlenecks in tax collection.
- concrete, technology-based solutions to the issues.
- Examine tax policy strategies to establish the best possible tax base.
- Close tax gaps, improve the economy’s efficiency, and make the tax system more equitable.
- To enhance collection systems, evaluate the various policy options for base assignment.
- Examine the government’s tax expenditures and provide a system for cost-benefit analysis of any tax exemption proposals.
- Make suggestions for the best possible use of information technology for tax compliance, enforcement, tax base expansion, facilitation, accountability, and transparency.
- Prepare and submit a thorough report to the authorities, highlighting any missing information and suggesting immediate,
- A vision of the tax system, both tax policy and administration, for Pakistan in the long term is presented by reform measures, including reorganization of the tax administration and changes in laws for enhancing revenue collection and efficiency.
With the previous agreement of the Finance Minister, the task force may engage in dialogue with stakeholders, create subgroups, and enlist the assistance of any expert as needed. Within two weeks, the task force will offer its recommendations.
In response to the development, the Pakistan Business Council (PBC) posted on X that the proposed Tax Policy Board should not only be independent of the FBR but also of the Ministry of Finance, which approves the annual budget, in order to avoid knee-jerk, short-term, revenue-seeking measures that undermine the longer-term, sustainable, and equitable policy objectives. Otherwise, the temptation to tinker will persist.
According to the statement, it should ideally be a division of the Ministry of Planning. It was emphasized that all three were necessary for the nation’s tax policy: careful planning, fair fiscal policy development, and unique initiatives to increase the tax base.
The fact that the FBR Chairman, who also serves as the Secretary of the Ministry of Finance’s Revenue Division, signed the circular announcing the formation of the independent tax policy unit called into question the sincerity of the announcement.
You can also invest in other famous and most in demand housing societies, such as , Blue World City, Rudn Enclave, 7 Wonders City Peshawar, Taj Residencia, Kingdom Valley, New Metro City Gujar Khan, Forest Town Rawalpindi, University Town Rawalpindi, ICHS Town, Park View City Islamabad, Multi Gardens B17 Islamabad and Nova City Islamabad.
Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2, Prism Town Gujar Khan, New City Paradise, Eighteen Islamabad, 7 Wonders City Islamabad, Capital Smart City, Silver City Islamabad, The Life Residencia, Faisal Town Islamabad, Islamabad Golf City, Islamabad Model Town and Marble Arch Enclave.
Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.
Book Your Plot Now: +92 331 111 0005