SIFC finalizes FBR’s plan for approval of incoming federal Govt

ISLAMABAD: Special Investment Facilitation Council (SIFC) has finalized a digitization and restructuring plan of the Federal Board of Revenue (FBR) for the approval of the incoming federal government.

These measures will strengthen the internal governance of the Federal Board of Revenue (FBR). Under the reorganization plan, a special Customs Board has been formed to handle the affairs of Pakistan Customs, whose task will be to trace smuggling.

Revenue collection will be the responsibility of the Revenue Division of the Federal Board of Revenue (FBR), according to a Radio Pakistan’s report.

These restructuring measures will play an important role in removing obstacles to tax collection and improving the efficiency of the tax machinery.

The use modern digital technology will help in broadening the tax base and compliance with the tax policy. Tax revenue collection will be increased to 18 percent of GDP by 2029 from the current level of 8.5 percent.