MULTAN: The Federal Board of Revenue implemented newly formed tax policy and administration reforms in all collectorates of Customs.
Sources told Customs Today that the Federal Board of Revenue (FBR) has implemented major tax reforms in the country after comprehensive discussion with economic advisory committee for tax policy.
Tax reforms committee was comprised of seven members and Dr. Ijaz Nabi was nominated as Chairman of Tax Reforms Committee. While other members are Dr. Farrukh Iqbal, Dr. Asad Zaman, Dr. Naved Hamid, Dr.Sakib Sherani and Dr. Hamid Mukhtar. Member Inland Revenue Dr.Muhammad Iqbal was appointed focal person of the tax reforms committee. The Federal Board of Revenue has also constituted sub-committee to supervise the implementation of the recommendations approved by the federal government.
The purpose of tax reforms is to remove hurdles from tax system and promote business in the country by overcoming inefficiencies.
Secretary Valuation and Audit Arbab Qaiser Hamid directed Model Customs Collectorate Islamabad, Quetta, Multan, Faisalabad, Peshawar, Sialkot, Hyderabad, Gwadar, Gilgit-Baltistan and others to implement tax policy and administration reforms before the budget 2019-20.
Tax Reforms Committee planned to design risk management algorithm and recommended remote clearance of import shipments by taking special measures to enhance revenue of the Collectorates.
Committe has also estimated tax losses in the value addition chain and asked the Collectorate to establish a better link between customs and sales tax data to boost tax collection.
All the Collectorates of Customs have been instructed to analyze imports disappearing in the informal sector to revive import clearance from their clearing stations.
