Karachi: Pakistan Business Council (PBC) urged incoming government to effectively implement Federal Board of Revenue (FBR) restructuring measures announced by caretaker setup.

“Good work done by caretaker government and Special Investment Facilitation Council on charting restructuring of FBR must be implemented effectively by incoming government,” said PBC in post on social media platform X.

Remarks come after caretaker Cabinet approved after recommendations of inter-ministerial committee headed by interim Finance Minister were presented. Under these reforms, Federal Tax Policy Board will be formed in Revenue Division, which will be responsible for formulation of tax policy in country, determination of revenue targets and cooperation between stakeholders. Federal Policy Board will be headed by interim Finance Minister.

As result of restructuring, Customs and Inland Revenue will be headed, separately, by Director Generals of respective cadre, who would have complete authority over administrative, financial and operational matters of their respective departments.

There will also be separate oversight Boards for Customs and Inland Revenue. Federal secretaries of Finance, Revenue and Commerce, chairman NADRA and experts from related fields will be members of each board while interim Finance Minister will be its head.

Published in The Daily National Courier, February, 01 2024

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