The Federal Board of Revenue (FBR) would issue new rules to revise powers and jurisdictions of its 11 Members for taking policy decisions after enforcement of FBR Act, 2007. Sources told Business Recorder on Saturday that a special board-in-council meeting would be convened on September 15 to adopt a resolution for implementing provisions of the FBR Act, 2007.
According to sources, the powers of FBR Members need to be revised once the Central Board of Revenue (CBR) is converted into Federal Board of Revenue (FBR), through a notification. In this situation, it is necessary that the FBR executive body should immediately transfer powers to the Members for smooth working under the FBR Act, 2007. The extent of powers and autonomy to FBR Members have also been finalised.
Legally, the board would issue FBR rules 2007 for transfer of powers from board to its Members to operate independently under the FBR. In this connection, FBR Member, Legal, Mumtaz Sheikh and legal experts have finalised rules and regulations for implementation of FBR Act, 2007. The board has also prepared rules of business under the new Act.
The board-in-council meeting would pass a resolution for adopting the FBR Act, 2007 and give approval to the powers and jurisdiction of members. The resolution would be made part of the notification in the official gazette.
Following enforcement of FBR Act, 2007, the board would be empowered to obtain data maintained by the federal/provincial governments or any of its statutory body, law enforcement entity or utility companies, stock exchanges, State Bank of Pakistan (SBP), banks, financial institutions, trade bodies and any other organisations.
The Board may advise any entity for collecting tax related information as may be required by the FBR under arrangement between the Board and such entity or person.
Under the FBR Act, the board will create a data bank containing information from third parties necessary to perform functions pertaining to taxpayers. The data shall be used for increasing the taxpayers base and to ensure accuracy of information submitted by registered units and for the financial analysis leading to proper economic assessments, audits, detection of tax evasion and policy decisions as may be necessary. The data shall be used further to evaluate performance of the employees.