Islamabad: The Federal Board of Revenue (FBR) has suggested two separate procedures for fast-track assessment and recovery of tax from filers and non-filers high-net worth individuals, a news source reported. The board would confirm high risk areas of declared exempt incomes such as gifts, foreign remittances, inheritance, and agricultural income.
FBR has also devised a framework regarding its three-year strategic and development plan. The board is collaborating with the World Bank on the project.
The framework has been devised in light of the recommendations given to FBR by four working groups constituted in October. The framework is likely to be presented for approval next week.
In October, a World Bank mission had visited Pakistan to officially launch the project in collaboration with the Department for International Development (DFID), McKinsey and Her Majesty’s Revenue and Customs (HMRC).
The federal cabinet had earlier accorded approval to separate tax policy from revenue administration. The separation of tax policy from revenue administration is part of several major tax reforms the government has undertaken in its bid to streamline tax administration.
