Prime Minister's tax package, amnesty schemes: FBR asked to brief Senate body

The Senate Standing Committee on Finance has directed the Federal Board of Revenue (FBR) to give in detail impact of the Prime Minister's tax incentive package, amnesty schemes and tax exemptions on total revenue collection in the fiscal 2013-14.
It is learnt that Senator Nasreen Jalil, Chairperson, Senate Standing Committee on Finance, has convened a meeting of the committee on April 8, at the Parliament House. The FBR will brief the committee on revenue targets for the fiscal year and the collection to date, including anticipated shortfall in collection. The FBR would share data on the initiatives taken by the government to expand tax net and it will also help in comparative analysis against previous five years. The FBR will inform about the tax amnesty schemes and tax exemptions announced by the government and the impact of these schemes on total revenue collection.
Other information would include total Customs Duty collected during 2013-14 as compared to last year. The growth in tax revenue compared to last year, including revenue collected as a result of increased tax rate as well as increase in withholding tax rate separately accounted (amount collected).
The FBR will brief the committee on the current tax-to-GDP ratio and comparison with last year as well as shortfall in tax revenue and as a result of borrowing from the SBP as compared to last year in real terms. The briefing would also include cost of duty/tax exemptions incurred due to free trade agreements with other countries and disclosure of IMF commitments regarding the tax system.
Detailed briefing of the FBR would include Rs 320 billion tax relief given to the business class in seven months and its impact on the overall tax revenue collection and economy. Detailed briefing is expected on the tax net after the extension of filling date extended to February 28 and its comparison to last year. The FBR will inform the committee about the Afghan Transit Trade rules, shortcomings under WeBoc customs clearance system and the impact on Afghan Transit Trade. The committee has further directed the FBR to give the conclusive report on the investigation of Rs 40 billion tax refund scam and FIA's involvement, including names and total number of companies identified. Other agenda items included the implications of the current resolution passed by the National Assembly regarding increment in direct taxes.