Finance Minister chairs Tax Reforms Coordination Group (TRCG) meeting
A meeting of Tax Reforms Coordination Group (TRCG) was held under the Chairmanship of Federal Minister for Finance Dr. Abdul Hafeez Sheikh at the FBR House here today to discuss proposals for upcoming Federal Budget 2013.
Chairman FBR Mr. Ali Arshad Hakeem, in his opening remarks, as host, briefed the Minister about the various proposals prepared by FBR for the upcoming budget.
Federal Minister for finance Dr. Hafeez Sheikh, while chairing the meeting, advised members of the group to structure their proposals in line with objectives of practicality, expansion of business and economy, reduction of trade barriers and curbing of smuggling. The Minister also stressed the need for increasing momentum of revenue collection to achieve the revenue target. He expressed confidence that FBR will achieve assigned budget target.
Following a presentation by FBR’s Sr. Member (IR-Policy) Mr. Asrar Raouf, discussions were held on strategy to improve tax policy to increase revenues. The Tax Reforms Coordination Group also deliberated proposals regarding Tax Registration Scheme, Alternate Dispute Resolution Committee (ADRC), Input Tax scheme, Zero Rating Facility, Sales Tax input adjustment pertaining to unregistered persons and review of Withholding Tax (WHT) and FED rates to facilitate business, reduce cost of doing business, avoid economic burden, harmonize tax laws and promote industry while also improving tax collection.
This was the first meeting of the TRCG for this year and it initiated the TRCG’s mechanism for public and private sector partnership in policy-formulation for considering proposals for the June 2013 upcoming annual budget.
The meeting was attended by Deputy Chairman Planning Commission Dr. Nadeem ul Haque and Members TRCG Mr. Abdullah Yousuf, Mr. Arshad Zuberi, Mr. Bashir Ali Mohammad, Mr. Shabbar Zaidi, Mr. Ali Habib, Mr. Arshad Chaudhary and Mr. Ali Jameel alongwith FBR’s other relevant members.