By Asad Cheema
ISLAMABAD: The 47th meeting of the National Assembly Standing Committee on Finance and Revenue was held, Wednesday in Islamabad under the chairmanship of Mr. Faiz Ullah, MNA.
Dr. Ishrat Hussain, Adviser to the Honourable Prime Minister on Reforms apprised the Committee of the salient features of Reforms initiatives adopted by the Federal Board of Revenue and its way forward for improvement of taxation system in the country. He said that International Monitoring Funds (IMF) has suggested some reforms to the Government of Pakistan for obtaining its revenue targets.
He was of the firm view that automation system and digitalization process will minimize the interaction between taxpayers and tax collectors. He also elaborated the functional and organization restructuring including improvement human resources, policy management, integrity management and reducing withholding tax and expenditure scope. The Members of the Committee have expressed their apprehensions regarding delay in outcome of the reforms. They were of the opinion that a time line in this respect must be defined.
The Chairman, Federal Board of Revenue briefed the Committee about the details of reform’s framework and its expected results. He said that Federal Board has decided to implement the weeding out deadwood through early retirement rules, dismissal corrupt staff through efficiency and discipline rules. He further stated that FBR was focusing on alternate dispute resolution mechanism for smooth functioning of the business. Member Custom, FBR informed that FBR has taken necessary measures for trade facilitation through operational activities.
The Committee discussed the Pakistan Single Window Bill, 2020 (Government Bill) Project Director briefed the Committee about the requirement of this legislation. He said that PSW was a facility which will allow the parties involved in Trade and Transport to lodge standardized information and documents with a single entry point to fulfill of all imports, exports and transit related regularity needs.
He also apprised the Committee that PSW was finalized with consensus of the stakeholders while providing legal basis for the approved functional, operational, governance and revenue model. He added that PSW will help to unlock Pakistan’s potential as the regional hub and trade & transit by simplifying harmonizing and automating regularity controls. After detailed discussion, the Committee unanimously recommended that the said Bill may be passed by the National Assembly as reported by the Committee.
Dr. Muhammad Ishfaq, Member Federal Board of Revenue informed the Committee about the updated status with regard to Income Tax and Sales Tax Refunds. The stakeholders were also present in the meeting. They expressed their concerns on the problems being faced by the Exporters due to FASTER SYSTEM and its technical issues.
