Islamabad: Federal Finance Minister Dr Abdul Hafeez Shaikh has approved the establishment of Tax Policy Unit, which will be under the administrative control of Finance Division.
Federal Minister for Finance and Revenue, Dr Abdul Hafeez Shaikh, chaired the 5th meeting of the FBR Policy Board at the Federal Board of Revenue (FBR )Headquarters. FBR made a presentation regarding the establishment of a Tax Policy Unit in accordance with the decision of the Cabinet dated November 29, 2018. Members of the Policy Board gave valuable input highlighting the advantages of keeping tax policy function independent of administrative functions.
After due deliberation, the Chair accorded approval for the establishment of a ‘Tax Policy Unit’ under the administrative control of the Finance Division. A new setup would be created that will include members from FBR and also engage fiscal and economic experts from academia, think tanks, and the private sector to present holistic proposals for mobilising revenue generation with greater autonomy. The Tax Policy Unit would work out policy recommendations for domestic tax collection on the lines of the National Tariff Commission which operates under the Ministry of Commerce.
FBR’s Technical Committee apprised the Policy Board about the measures taken to identify anomalies and simplify the taxation system for a better understanding of the business community. FBR requested to include senior representatives from the Ministry of Commerce and Ministry of Industries and Production for better coordination and effective policy making in this regard.
Chairman Complaint Oversight Committee (COC) briefed the Policy Board about the working of a newly developed complaint portal which is currently running on a trial basis. The complaint resolution system is designed to facilitate businessmen, traders, Small and Medium Enterprises (SMEs), and large taxpayers. All complaints can be filed in one place. Standard operating procedures (SOPs) for complaint resolution and oversight by COC are being finalised, and the system would be formally launched soon. The Chair directed to disseminate relevant information about the working of complaint registration mechanism and ensure the contact details are readily available for public consumption.
The Finance Minister further directed FBR to expedite the process of Income Tax refunds of less than Rs 50 million, to uphold the commitment of the government to facilitate taxpayers.
Federal Minister for Privatization Mohammad Mian Soomro, Adviser to the Prime Minister on Commerce Abdul Razak Dawood, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr Ishrat Hussain, Special Assistant to the Prime Minister on Revenue Dr Waqar Masood, Chairman FBR, senior members of FBR, and representatives of the private sector participated in the meeting.