ISLAMABAD: After failure of Tax Reforms Commission (TRC) to propose suggestions for tax system reforms within given time, government has extended the tenure of TRC for 90 day with effect from February, 16.
According to details Tax Reforms Commission decided in a meeting on December 16 to complete its work of proposing suggestions for improvement of grimly low tax to GDP ratio till 24 Jnauary, but failed to accomplish task within time. Government has expanded time frame with extension of 90 days. Federal Board of Revenue has issued the notification regarding extension of tenure of TRC.
Earlier government on September 25 2014 constituted Tax Reform Commission with the mandate to deliberate upon continuation of single stage General Sales Tax (GST) or put in place multiple stages GST, granting autonomy to the FBR and establishing Border Force to curb smuggling.
