ISLAMABAD: The government is planning to establish an autonomous body named “Fiscal Policy Board” with the aim to monitor and implement the financial and tax policies in the country. The government has already started working in this regard, it is learnt here.
Official sources told Customs Today that the current PTI government is reviewing suggestion of establishing “Fiscal Policy Board”. Finance Minister Asad Umar will be the head of this board while FBR will be limited to tax administration after establishing of Fiscal Policy Board, sources added.
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 finance ministry. The Fiscal Policy Board will also evaluate the rate of duty and taxes and will forward suggestions and recommendations to finance ministry, sources added.
Sources further said that representation will also be given to FBR in the Fiscal Policy Board while the office of the Fiscal Policy Board will be established in the finance ministry.
