ISLAMABAD: Federal Board of Revenue (FBR) has sent the summary of an autonomous body “Fiscal Policy Board” to Finance Ministry for approval, it is learnt here.
According to official sources, FBR has proposed in its summary that “Fiscal Policy Board” will elaborate the mechanism and procedures for the establishment and hiring of foreign consultants, while FBR will remain only to tax administration body after the approval of this Fiscal Policy Board”.
Sources added that the “Fiscal Policy Board” will be establish under FBR Act which will have the authority of tax administration reforms, and also to introduce the mechanism to curb corruption, make sure the accountability and ensure the integrity of FBR’s employees.
Sources further added that at least one meeting has been proposed to be held within two months of the “Fiscal Policy Board”; however, as per the summary, the chairman of Fiscal Policy Board will have the authority to call special meeting of the board.
It is important to mention here that government is planning to establish this autonomous body i.e. “Fiscal Policy Board” with the aim to monitor and implement the financial and tax policies in the country.
Meanwhile, the authority of tax policy will be handed over to Fiscal Policy Board after withdrawal from FBR while the position of Member Tax Policy in the FBR will also be removed after establishing of Fiscal Policy Board.
Fiscal Policy Board will be kept separate from the FBR which will work under finance ministry and directly report to the ministry. The Fiscal Policy Board will also evaluate the rate of duty and taxes and will forward suggestions and recommendations to finance ministry; however, representation will also be given to FBR in the Fiscal Policy Board while the office of the Board will be established in the finance ministry.
