ISLAMABAD: In a bid to alleviate the challenges faced by various economic sectors, Dr. Abdul Hafeez Shaikh, Advisor to the Prime Minister on Finance and Revenue, has instructed the Federal Board of Revenue (FBR) to simplify the income tax return form. This directive came during an important meeting on FBR reforms held on Monday.
The meeting, chaired by Dr. Shaikh, included notable attendees such as Abdul Razak Dawood, Advisor to the Prime Minister on Commerce, Textile, and Investment, Ishrat Husain, Advisor on Administrative Reforms, and the Secretary of Finance. Representing the FBR were Chairman Muhammad Javaid Ghani, Member IR Operations Dr. Muhammad Ashfaq, Member Reforms Ambreen Iftekhar, and Member IT Asim Ahmed.
Key decisions were made to streamline and enhance the efficiency of the FBR. The board has been tasked with regularly reporting on revenue collection and analyzing revenue trends across various economic sectors. This initiative aims to provide better insights into the financial health of different industries and ensure more accurate and effective tax administration.
Additionally, the FBR will now be responsible for reporting to the finance ministry on the growth in the number of taxpayers and the increase in Point of Sales (POS) installations. This move is expected to broaden the tax base and improve compliance.
A significant reform agreed upon during the meeting is the restructuring of the appeal system. This change aims to expedite the resolution of cases pending before the courts and facilitate the recovery of revenue tied up in these disputes. Furthermore, the FBR has been directed to automate the income tax refund payment system, which should streamline the refund process and reduce delays.
The meeting also highlighted the need for improved performance monitoring of Regional Tax Offices (RTOs), Corporate Regional Tax Offices (CRTOs), and Large Taxpayer Units (LTUs). The FBR has been asked to present performance reports regarding monthly revenue collection targets and achievements, ensuring accountability and transparency.
Dr. Shaikh emphasized the importance of addressing smuggling issues, instructing the FBR to provide a comprehensive monthly report on the confiscation and seizures of smuggled goods by customs authorities. This measure aims to bolster efforts against illegal trade and protect the domestic market.
To further support taxpayers, the FBR has been asked to enhance the integrity management unit. This unit will focus on resolving taxpayer issues efficiently and maintaining trust in the tax administration system.
In conclusion, the FBR will now send monthly revenue collection targets and progress reports to the finance ministry. These reforms are expected to foster a more taxpayer-friendly environment, improve revenue collection efficiency, and enhance overall economic governance in Pakistan.
