ISLAMABAD:
The federal government has implemented another condition of the International Monetary Fund (IMF) by amending the powers of the Federal Board of Revenue (FBR).
Under the new arrangement, the FBR will now only be responsible for tax collection, while tax policy formulation will no longer fall under its jurisdiction. According to sources, the government has activated the Tax Policy Office within the Ministry of Finance.
Following this change, the FBR will serve solely as a tax collection agency, whereas the newly established office will handle all matters related to tax policy formulation.
Sources said that Dr Najeeb Ahmed Memon has been appointed as head of the office for two years.
Naeem Hassan has been made director of Business Taxation, Fida Muhammad as director of International Taxation, Muneer Ahmed as director of Direct and Indirect Taxation, and Ijaz Hussain as director of Personal Taxation.
All officers have been appointed under a special professional pay scale. Sources said the Tax Policy Office will become operational next week, after which the preparation of rules and regulations will be completed.
