ISLAMABAD: On Friday, Dr Hafeez Shaikh, Prime Minister’s Advisor on Finance and Revenue, directed the Federal Board of Revenue (FBR) to formulate a plan to clear the backlog of refunds to both exporters and individual taxpayers.
During a simulated meeting of the FBR Technical Committee, the guidance came from the advisor. Participating in the meeting were FBR Chairman Javed Ghani and Hafeez other senior officials. During the meeting, Abid Shaban, the Chairman of the Committee, gave a thorough presentation.
It was planned, according to an official statement, to include experts as co-opted representatives to streamline the Technical Committee’s operation. Hafeez To improve the Technical Committee further, members of the Trade and Industries Departments will now be involved.
The ‘FASTER’ Sales Tax Rebate mechanism for exporters was praised during the conference. It was decided that both the Quicker and Refund schemes, on a priority basis, would be fine-tuned for more effective performance.
The technical committee instructed the Ministry of Commerce to expeditiously clear the backlog with regard to the removal of local taxes and refunds for levies.
FBR will build a plan for the liquidation of income tax returns that are outstanding.
Advisor Finance encouraged the Technical Committee to simplify the related processes and ensure the collection of revenue is straightforward and transparent.