The Federal Board of Revenue (FBR) has decided to convene a meeting of the Tax Reform Commission (TRC) next month to review progress on implementation of TRC's recommendations. Sources told Business Recorder here on Friday that the next meeting of the TRC is expected to be convened during first week of November 2016. The meeting would be chaired by Special Assistant to Prime Minister on Revenue Senator Haroon Akhtar Khan.
The meeting would review implementation of short-term, medium-term and long-term recommendations of the TRC. Some of the short-term recommendations of the TRC included proper valuation of immovable properties, simplification of laws, structural ethics and Grievance Redressal System both at Chief Commissioner/Collector level and FBR(HQs) and use of Mufassil units for the purpose of broadening the tax base (BTB). The FBR has already notified new valuation tables for accurate valuation of immovable properties.
Other short-term recommendations of the TRC included improvement in IT system/automation to reduce the cost of compliance and emphasis to curb corruption and liaison with National Accountability Bureau (NAB) for implementation of recommendation against corruption.
Other short-term recommendations of the TRC included utilisation of Withholding tax data, utilisation of Nadra data for the purpose of BTB and changes in procedure of Alternative Dispute Resolution (ADR). The FBR has already endorsed a proposal of the TRC to make recommendations of ADRC binding on both the FBR and the taxpayers. The recommendations also included administrative reforms, taxation of small company, development of harmonized tax codes strengthening audit and capacity building of officers.
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