Government to revamp FBR by introducing a new tax authority system

System is introduced to end tax evasion and to eliminate tax officer’s evasion.

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  • A new institution called ‘Tax Collection’ is being created, revamping FBR to collect the tax.
  • Different boards of custom and revenue will also be established in the new system.

The government of Pakistan has decided to make a new tax collection system. Moreover, a new institution called ‘Tax Collection’ is being created, revamping FBR to collect the tax.

Initially custom and internal revenue systems will be under one department.

Separate heads will be deployed for policy making and administrative matters.

system

Serves two main Purposes

According to the source, the purpose behind this initiative is

  1. There should be an end to tax evasion
  2. Elimination of the tax officer’s corruption

To implement this system the Federal Board of Revenue is creating Pakistan revenue authority and will be divided into two parts.

Initially custom and internal revenue systems will be under one department. After some time both these systems will work independently. Different boards of custom and revenue will also be established in the new system. The process of documenting the economy will be revealed and its last date is November 30th, 2019.

In this regard, tax advisory systems will also be established along with national property surveys. The new anti-smuggling system will be completed between 29 November to 30 December.

Prime Minister Imran Khan has approved the new tax system, the revenue collection entities formula.

Separate Heads 

Separate heads will be deployed for policy making and administrative matters.

A new system for tax sales system ‘value added-tax’ will also be introduced that is followed by the other countries that will be completed until June 30th, 2022.

Furthermore, the Federal Revenue Authority will be established until June 30th, 2020. construction of FBR headquarters along with a new tax commissioner system will be completed until December 30th, 2019.


Also See: FBR Issued Tax Notices To 134, 848 High Net-Worth Individuals Across The Country


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