Govt decides to set up autonomous Tax Policy Office under Finance Ministry

 Federal government has decided to withdraw some key powers from Federal Board of Revenue (FBR) in line with International Monetary Fund (IMF) demands, reported 24NewsHD TV channel.

A notification issued on Friday stated that a Tax Policy Office will be established in Federal Finance Ministry which will directly report to Finance Minister. A Tax Collection Office will also be constituted independently so that FBR can focus on government reforms. 

Now on ward, tax policies will be reviewed through data modelling revenue, economic forecasting. The federal government had assured IMF that it was ready to set up an autonomous body which will be responsible for tax policy, tax collection and revenue generation. Tax Policy Office will submit a detailed report regarding income, sales tax and federal excise duty (FED) to Minister for Finance.