Finance ministry aligns with FBR's agenda to enhance taxation system

 The Caretaker Finance Ministry is actively working on recommendations to enhance the functions of the Federal Board of Revenue (FBR), reported the 24NewsHD TV channel.

According to the report, drawing from international best practices, the finance ministry aimed to refine FBR's duties, fostering transparency, governance, and autonomy within the organization.

The proposed reforms included fortifying the policy board of FBR and establishing a dedicated unit for administrative accountability.

Furthermore, a specialized unit for administrative accountability is being established within the FBR to streamline and strengthen the system of checks and balances.

Under the newly approved structure, the FBR will cease to exist in its current form.

The responsibility for formulating income tax, sales tax, and federal excise policies will be transferred to the Revenue Division.

The Revenue Division will be headed by the Secretary of the Revenue Division, reporting directly to the finance minister.

Within the Revenue Division, a tax policy office, named the Federal Policy Board, will be established.

The second function of the Revenue Division will involve property and import goods valuation, according to sources.

The goal is to enhance efficiency and accountability in tax administration.

Importantly, the Finance Ministry is committed to balancing the tax burden across all sectors, striving for equitable taxation.

Contrary to speculation, there are no proposals to reduce the workforce at FBR.

Crucially, the Finance Ministry dispels any notion of external interference in Inland Revenue or Customs by outside agencies or ministries.

 The proposed reforms focus on empowering FBR, fostering self-sufficiency, and refining the tax landscape to ensure economic growth and stability.