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