ISLAMABAD, Feb 11 (APP): Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh Thursday directed the Federal Board of Revenue (FBR) to expedite the process of Income Tax refunds of less than Rs.50 million to uphold commitment of the government to facilitate tax payers.
The minister was Chairing the 5th meeting of the FBR Policy Board, according to press statement issued by the Finance Ministry.
Among others, the meeting was attended by Federal Minister for Privatization Mohammad Mian Soomro, Adviser to the PM on Commerce Abdul Razak Dawood, Adviser to the PM on Institutional Reforms & Austerity Dr. Ishrat Hussain, SAPM on Revenue Dr. Waqar Masood, Chairman FBR, senior members of FBR and representatives of private sector participated in the meeting.
The minister also accorded approval for the establishment of ‘Tax Policy Unit’ under the administrative control of the Finance Division.
A new setup would be created that will include members from FBR and also engage fiscal and economic experts from academia, think tanks and private sector to present holistic proposals for mobilising revenue generation with greater autonomy.
According to statement, Tax Policy Unit would work out policy recommendations for domestic tax collection on the lines of the National Tariff Commission which operates under the Ministry of Commerce.
Earlier, FBR made a presentation regarding establishment of Tax Policy Unit in accordance with the decision of the Cabinet dated 29 November, 2018.
Members of the Policy Board gave a valuable input highlighting the advantages of keeping tax policy function independent of administrative function.
FBR’s Technical Committee apprised the Policy Board about the measures taken to identify anomalies and simplify the taxation system for better understanding of the business community.
FBR requested to include senior representatives from the Ministry of Commerce and Ministry of Industries & Production for better coordination and effective policy making in this regard.
Chairman, Complaint Oversight Committee (COC) briefed the Policy Board about the working of a newly developed complaint portal which is currently running on trial basis.
The complaint resolution system is designed to facilitate businessmen, traders, Small and Medium Enterprises (SMEs) and large tax payers. All complaints can be filed at one place.
SOPs for complaint resolution and oversight by COC are being finalized and system would be formally launched soon.
The Chair directed to disseminate relevant information about the working of complaint registration mechanism and ensure the contact details are readily available for public consumption.