Economic advice: Dar constitutes 11-member reform, resource mobilization commission

Federal Minister for Finance and Revenue Ishaq Dar has constituted a 'Reforms and Resource Mobilization Commission' (RRMC), which will advise and make recommendations to the finance minister on economic policies.

As per the notification issued by the Ministry of Finance on Thursday, the commission comprises eleven members, with Ashfaq Tola serving as the chairman of the RRMC. The commission includes Asif Haroon, Haider Ali Patel, Abdul Qadir Memon, Dr Veqar Ahmed, Saqib Sherazi, Ghanzanfar Bilour, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) president or a nominee.

Moreover, the Pakistan Tax Bar Association president, the FBR chairman and Member (Reforms & Modernization) FBR Secretary to the Commission are also members of the RRMC.

Petrol, diesel prices to stay unchanged for next fortnight: Ishaq Dar

Meanwhile, Nisar Muhammad (customs), Dr Muhammad Iqbal (income tax) and Abdul Hameed Memon (sales tax) will serve as subject experts.

As per RRMC’s Terms of Reference (TORs), the commission will advise and make recommendations to the finance minister on the following areas: to review existing revenue policies, evaluate FBR data at a macro level, and identify initiatives/measures/policies for resource mobilisation, ease of doing business, and pro-economic growth.

It will also identify issues/difficulties/snags/risks of the existing tax system and recommend remedial measures and review budget proposals, evaluate their consequences on business, and advise the finance minister on practical aspects of budget proposals, read the notification.

Moreover, the comission will review proposed amendments in the Finance Bill and make recommendations on the implications of proposed amendments on businesses.

It will also be tasked to review the complexities of tax legislation and recommend simplification, e.g. different compliance levels for different categories of taxpayers.

As part of its duties, it will suggest an action plan to curb the parallel economy and make recommendations for improving financial inclusion in the documented system.

Delegation to visit Russia for talks on oil, says Dar

Furthermore, the RRMC will review and advise restructuring of FBR in order to evaluate the possibility of making FBR autonomous, to evaluate the possibility of establishing an independent audit system, and to evaluate the possibility of establishing a separate legal department.

It will make recommendations on harmonisation of GST between federation and provinces and the development of a single portal for filing of sales tax returns.

The commission will be independent and headed by a full-time chairman, which shall report directly to the finance minister.