The federal government finalized a plan for introducing tax reforms as per the requirements of the International Monetary Fund (IMF), which will be implemented in June 2027.
As per the documents, these reforms will help to improve the performance, reputation, and eligibility of the Federal Board of Revenue (FBR).
The documents further revealed that the implementation of four tax reforms will be completed by June 2027.
Criteria will be set for qualifying the powers to make rules. A notification to establish the Internal Audit Wing in PRAL will be issued.
A separate notification will also be issued for the constitution of executive bodies. A complete report about amendments in annual tax exemptions will be presented.
A report will be prepared regarding simplification in tax structure. The Federal Board of Revenue will appoint seasoned experts and professionals in these posts.
Several measures will be adopted to decrease risks in the PRAL and IT departments. The Federal Board of Revenue will constitute risk committees.
The Ministry of Finance, Federal Board of Revenue, will ensure implementation of these reforms.
