ISLAMABAD: Federal Board of Revenue (FBR) Income Tax-Policy Chief Vishnu Raja has said that implementing the short-term reforms suggested by the Tax Reforms Commission (TRC) will increase confidence level between taxpayers and the board.
He said that these recommendations have been presented before the government and will be included in upcoming finance bill. The short-terms reforms comprised of 15 points, which will also pose positive impact on performance and revenue generation.
To implement the suggestion of the TRC, the FBR has decided to bring phase-wise reforms. The implementation process will be consisted of three phases- short-term, medium term and long term.
The short-term reforms will be implanted in six months, medium-term between six to 24 months, while long-term reforms will be brought between two to five years.
Meanwhile, TRC Chairman Masood Naqvi said that in the opinion of IMF and World Bank, 594 hours are required to implement short-term reforms, which will double the revenue generation.
