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Govt nods to tax policy unit under finance division’s control
Business
February 12, 2021
ISLAMABAD: The government on Thursday approved establishment of a tax policy unit under the administrative control of the finance division despite an opposition by the Federal Board of Revenue (FBR).
The FBR wanted to keep the policy unit under the domain of the revenue division but the government did not accommodate its wish. On the advice of multilateral lenders, the government decided to move ahead to separate policy from enforcement matters, according to people familiar with the matter.
The decision was taken during the 5th meeting of the FBR Policy Board. Minister for Finance Hafeez Shaikh directed the FBR to expedite the process of releasing income tax refunds less than Rs50 million to uphold the committment of the government.
Govt to set up Tax Policy Unit
Body will highlight revenue leakages, suggest measures to boost tax collection
Shaikh directed FBR to expedite process of income tax refunds of less than Rs50 million (each recipient) to uphold commit-ment of the government to facilitate taxpayers. PHOTO: NNI
The PTI government has approved the establishment of an independent Tax Policy Unit (TPU) with the objective of improving taxation governance, as it would point out revenue leakages in the system, recommend rationalising rate of taxes and suggest measures to mobilise higher revenue in tax collections.
The creation of TPU would partially withdraw the powers of policy making for taxation from the Federal Board of Revenue (FBR), but improve its function to collect revenue in taxes in the country.
Parliamentary Committee Expresses Concern Over High Textile Tariffs
While chairing the 20
th meeting of the Standing Committee on Commerce, Chairman Syed Naveed Qamar expressed serious concern about Pakistan’s high textile tariffs as compared to other regional competitors.
He urged the government to take immediate steps regarding the rationalization of tariffs of the Textile Sector.
He said that Textile and Apparel accounts for over 60 percent of Pakistan’s exports, and higher import tariffs are increasingly being dubbed as the tax on exports making exports uncompetitive.
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Advisor to the Prime Minister for Commerce, Textile and Investment, Abdul Razak Dawood, informed the Committee that National Tariff Commission (NTC) was directed to complete the study of the Textile Sector to rationalize the tariffs of the sector in line with the recommendations of the study.