Islamabad: Finance Minister Muhammad Ishaq Dar chaired a meeting to review the budgetary proposals presented by the Federal Board of Revenue (FBR) for the upcoming budget here Monday.
Chairman FBR, Tariq Bajwa discussed various tax proposals in today’s consultative session.Tariq Bajwa said that FBR is working with utmost efficiency under the directions of the Finance Minister to improve the system of tax collection by simplifying schemes, balancing controls and facilitation, encouraging sectorial competitiveness and efficiencies.
He said the FBR is also working out a plan to reduce the discretionary powers of its officials to ensure transparency of the tax collection system.
The Finance Minister said that we want to take forward the reform process in the collection of different taxes.
He emphasized that the reform process is now being undertaken after almost 30 years. In this exercise our broad principle will be to tax the privileged and endowed and relieve the masses.
He said we would like to incorporate the suggestions given by the business community in the new budget.
The Finance Minister directed FBR officials to suggest measures which could be helpful in solving the issue of major sales tax refunds and introduce new schemes to help people file their tax returns without difficulties and misrepresentation. He said Voluntary tax payment should be incentivized and facilitated.
Ishaq Dar directed the tax officials to improve, simplify and consolidate various schemes so that the exports in the country could thrive and we could benefit from the GSP plus status recently awarded to Pakistan.