Board approves establishment of Tax Policy Unit

ISLAMABAD: The Federal Board of Revenue (FBR) Policy Board on Th approved institution of programme Unit underneath the executive management of the Finance Division.

Federal Minister for Finance and Revenue, Dr Abdul Hafeez Shaikh, chaired the fifth meeting of the FBR Policy Board at FBR HQs these days.

Federal Minister for Privatization prophet Mian Soomro, the authority to the PM on Commerce Abdul Razak Dawood, the authority to the PM on Institutional Reforms & self-discipline Dr Ishrat Hussain, SAPM on Revenue Dr Waqar Masood, Chairman FBR, senior members of FBR and representatives of personal sector participated within the meeting.

The FBR created a presentation relating to the institution of programme Unit under the choice of the cupboard dated twenty-nine Nov 2018.

Members of the Policy Board gave a valuable input lightness the benefits of keeping programme perform freelance of the body performs.

After due deliberation, the Chair accorded approval for the institution of ‘Tax Policy Unit’ underneath the executive management of the Finance Division.

A new setup would be created which will embody members from FBR and additionally have interaction financial and economic consultants from academe, suppose tanks and personal sector to gift holistic proposals for mobilising revenue generation with larger autonomy.

Tax Policy Unit would calculate policy recommendations for domestic collecting on the lines of the National Tariff Commission that operates underneath the Ministry of Commerce.

FBR’s Technical Committee apprised the Policy Board concerning the measures taken to spot anomalies and alter the taxation system for the higher understanding of the community.

FBR requested to incorporate senior representatives from the Ministry of Commerce and Ministry of Industries & Production for higher coordination and effective political views during this regard.

Chairman, grievance Oversight Committee (COC) briefed the Policy Board concerning the operating of a recently developed grievance portal that is presently running on an unproven basis.

The grievance resolution system is intended to facilitate businessmen, traders, tiny and Medium Enterprises (SMEs) and huge taxpayers.

All complaints may be filed in one place. SOPs for grievance resolution and oversight by COC are being finalized and the system would be formally launched before long.

The Chair directed to bare relevant data concerning the operating of grievance registration mechanism and make sure the contact details ar promptly on the market for public consumption.

The minister of finance any directed FBR to expedite the method of revenue enhancement refunds of but Rs.50 million to uphold the commitment of the govt to facilitate taxpayers.