議員促一次過派消費券 財爺：分段助拉動消費 sina.com.hk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sina.com.hk Daily Mail and Mail on Sunday newspapers.
Under the reforms taking concrete shape, the tax regime that uses the tax policy as a tool to maximise revenue at the expense of investment and growth is being revamped. This follows tariff policy announced recently to ensure that tariffs would be used as an instrument of trade policy rather than revenue generation.
If implemented in letter and spirit, these reforms would meet the long-standing demand of businesses who complained that tax policies are revenue-driven rather than growth-oriented. Sustained appropriate measures would be needed, as demonstrated in the case of construction and real estate sectors, to spur manufacturing which contributes the lion’s share of direct tax revenue and exports.
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.
Prime Minister Imran Khan had approved the plan in the cabinet meeting held on Nov 29, 2018. AFP/File
ISLAMABAD: After a delay of over two years, Finance Minister Dr Hafeez Shaikh on Thursday approved the establishment of the Tax Policy Unit in the Ministry of Finance to take away policy formation powers from the Federal Board of Revenue (FBR).
The decision was taken in the fifth meeting of the FBR Policy Board chaired by Mr Hafeez. It was also attended by Minister for Privatisation Mohammadmian Soomro, Commerce Adviser Abdul Razak Dawood, Adviser on Institutional Reforms Dr Ishrat Husain and Special Assistant on Revenue Dr Waqar Masood.
FBR directed to expedite process of refunds
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The minister accorded approval for the establishment of ‘Tax Policy Unit’
ISLAMABAD (Dunya News) – 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.