KARACHI: The Federal Board of Revenue (FBR) has decided to merge the Input Output Co-efficient Organization (IOCO) with Inland Revenue Services (IRS), it is learnt here.
Sources informed Customs Today that the FBR has been working on a formula for the last six months to merge both the departments, adding that the FBR has almost completed its working over the evolved formula.
The sources, while elaborating the working condition under which both the departments would be merged, added that the regional offices of the South Region would first work under IRS and then in the second phase the IOCO would work with the North Region. Replying to a query, the sources informed that the FBR, after completing entire working of the said project, would forward the same to the federal government for final approval.
After merging both of the departments, the FBR would nominate a Director General (DG) of the entire department and also would nominate directors for South and North Region below the DG.
The sources informed that the name of the department would be “IRS-IOCO” in which the authorities of the department would evaluate the wastage and raw material and then appropriate duty/taxes would be imposed after evaluation of the consignments.
The sources further said that the FBR would approach for the final implementation in the start of the next year i.e 2017.
