Dr. Abdul Hafeez Shaikh, the Adviser to the Prime Minister on Finance and Revenue, presided over a virtual meeting of the Federal Board of Revenue (FBR) Technical Committee on Friday. The primary focus of the meeting was to streamline and simplify procedures within the FBR, ensuring clarity and transparency in the process of revenue collection.
The meeting, attended by Chairman FBR Muhammad Javed Ghani and other senior officials, addressed key concerns related to procedural complexities within the revenue collection system. Abid Shaban, Chairman of the Committee, provided a detailed presentation during the session.
Following extensive discussions, the committee decided to bring in external experts as co-opted members. The inclusion of these experts aims to enhance the efficiency and effectiveness of the Technical Committee in addressing intricate issues related to revenue collection. Furthermore, representatives from the Commerce and Industries Divisions will also be integrated into the Technical Committee to bolster its capabilities.
The meeting acknowledged the ‘FASTER’ system, designed to expedite Sales Tax Refunds for exporters, as a positive development. The committee expressed appreciation for the system and emphasized the need to fine-tune both the ‘FASTER’ and Rebates Systems to ensure more efficient results. Dr. Abdul Hafeez Shaikh stressed the importance of addressing any existing bottlenecks in these systems promptly.
One notable outcome of the meeting was the direction given to the Ministry of Commerce to expedite the clearance of the backlog associated with Duty Drawback on Local Taxes and Levies (DLTL) refunds. The Technical Committee underscored the urgency of processing these refunds expeditiously to provide relief to the concerned exporters.
The engagement of external experts and the inclusion of representatives from key sectors demonstrate a collaborative effort to enhance the functionality of the Technical Committee. The goal is to create a more streamlined and transparent system for revenue collection, which aligns with broader initiatives to improve the overall economic governance of the country.
The commitment to simplifying procedures and ensuring transparency reflects the government’s dedication to creating a business-friendly environment. By addressing these issues, the government aims to foster economic growth, attract investments, and facilitate a smoother operation for businesses in Pakistan. The outcomes of this meeting are expected to contribute to the ongoing efforts to reform and strengthen the revenue collection framework in the country.