Follow Us on Google News
The recommendations for restructuring of the Federal Board of Revenue (FBR) have been completed after consultations with the International Monetary Fund (IMF) and the final approval will likely be sought in the upcoming federal cabinet meeting, well-informed sources said.
Sources in the Finance Ministry told ProPakistani that an 8-member board will oversee the operations of the tax regulator. The board will include high-ranking officials from various ministries, including the Secretaries of Finance, Foreign Affairs, Commerce, and Industries and Production. Planning Commission officials will also be included as permanent members of the board, sources added.
The incumbent president of the Institute of Chartered Accountants of Pakistan (ICAP) will also be included as a member of the 8-member board. Moreover, two distinguished economists from different universities will also be part of the board.
Under the comprehensive reform agenda, the Secretary Revenue would not be from the Income Tax or Customs group. Sources said the policy wing of the FBR will be disbanded and reintegrated into the Ministry of Finance.
To streamline operations and promote efficiency, the workforce of the FBR is set to undergo a significant reduction, with a planned 30 percent decrease in employees.
Sources also said the Director General of Revenue will now be tasked with overseeing matters related to income tax and sales tax, while DG Customs will be responsible for Federal Excise Duty and Customs operations.
