ISLAMABAD: The federal government has decided to establish a new independent and autonomous body ‘Pakistan Revenue Regulatory Authority’ (PRRA) to curb tax evasion, money laundering and to broaden tax net.
Sources told that PRRA will be consisting of five members, while three seats will be allocated to economists, one seat to a lawyer and one seat to a charted accountant.
The initial draft of the organization structure has been submitted to the parliament for further consideration, they added.
The sources said that amendments in Section 111 of Income Tax Ordinance 2001 were proposed in the draft to stop money laundering and under these amendments infinite exemption will be withdrawn on foreign investment.
On the other hand, to curb the corruption in the organizations it is proposed that the head of the organization will be responsible for the corruption at any level in the institution.
