Mohsin Siddiqui (Chief Reporter)
The Special Investment Facilitation Council (SIFC), jointly led by civilian and military leadership, has granted approval for a transformative plan encompassing the restructuring of the Federal Board of Revenue (FBR) and Pakistan Revenue Automation Ltd (PRAL), alongside subsidy adjustments and a streamlined scheme for retailers within a 15-day period.
The SIFC’s Apex Committee, chaired by Prime Minister Anwaarul Haq Kakar, considered a proposal from the Finance Division. It approved a new governance structure for the FBR, proposing the establishment of separate Federal Boards for Customs and Inland Revenue, each headed by Director Generals from their respective cadres.
Oversight Boards for Customs and Inland Revenue Administrations will be chaired by independent high-caliber professionals, ensuring public and private sector representation. These boards, nominated based on criteria and expertise, will strengthen governance and accountability.
The Federal Policy Board, reconstituted under the Finance Minister, will have the secretary Revenue Division reporting to it, focusing on a new policy mandate. A Tax Policy Office under the Federal Policy Board will handle assets valuation, legal frameworks, and revenue-policy coordination.
The Apex Committee, in principle, approved the plan’s implementation, forming a special committee led by the Finance minister. This committee, including key officials, will conduct inter-ministerial consultations, and a cabinet summary will be moved within two weeks for final approval.
PRAL restructuring with Nadra received the green light, emphasizing technical HR, Broadening to Tax Base (BTB), IT integration, and transformation, including data analysts and Artificial Intelligence for BTB. The IT Wing will undergo reorganization.
Chief of Army Staff Gen Asim Munir urges chief ministers and chief secretaries for a nationwide crackdown on fertilizer hoarding. Strict action is urged against those unethically increasing dealer margins, emphasizing transparency to benefit farmers.
Stay updated as these reforms take shape, influencing the landscape of taxation, governance, and subsidy policies in the country.
