ISLAMABAD:
The Federal Government has implemented another condition for the International Monetary Fund (IMF) by changing the powers of the Federal Board of Revenue (FBR).
Under the new arrangement, the FBR will now be responsible only for tax collection, while formulation of tax policy will no longer come under its jurisdiction. According to sources, the government has activated the Tax Policy Office in the Ministry of Finance.
After this change, the FBR will function exclusively as a tax collection agency, whereas the newly created office will handle all matters relating to tax policy formulation.
Sources said that Dr. Najeeb Ahmed Memon has been appointed as the head of the office for two years.
Naeem Hassan has become 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 are employed according to a special professional salary scale. Sources said the Tax Policy Office will become operational next week, after which the drafting of rules and regulations will be completed.
