Finance Minister reviews the proposals of the Tax Reforms Coordination Group
The Tax Reforms Coordination Group (TRCG) met in FBR today, under the chairmanship of Federal Minister for Finance Dr. Abdul Hafeez Sheikh.
Chairman FBR Mr. Mumtaz Haider Rizvi, in his opening remarks informed the Minister about the discussions so far held between the TRCG and FBR. Exclusive discussions on policies and strategies to improve the tax policy with a view to increase the revenue were held alongwith presentations by FBR. Budget proposals for the upcoming budget to be presented in May 2012 were extensively discussed and strategized.
The Federal Minister for Finance stressed the need of increasing the momentum of revenue collection to achieve the current target of Rs. 1952 billion. He appreciated the efforts of FBR where the Provisional Collection upto April was about Rs. 1424 billion and still counting against last year’s collection for the same period at Rs 1150 billion. He expressed confidence and hope that the assigned budget targets would be achieved through sustained efforts. He desired that the detailed collection under various heads be sent to him on daily basis. The day-long meeting continued till late evening.
The meeting was attended by Deputy Chairman Planning Commission Dr. Nadeem ul Haque, Federal Secretary Finance Mr. Abdul Wajid Rana, Secretary EAD Dr. Waqar Masood, DG (ERU) Dr. Khaqan Najeeb and Members TRCG Mr. Irfan Nadeem, Mr. Arshad Zuberi, Mr. Bashir Ali Mohammad, Mr. Shabbar Zaidi and Mr. Ali Jameel alongwith FBR members Ms. Riffat Shaheen Qazi Member (FATE), Mr. Shahid Hussain Asad Member (IR), Sardar Amimullah Khan Member (Enforcement & WHT), Mr. Raza Baqir Member (Admin), Mrs. Azra Mujtaba Member (SP&S) and Mr. Nisar Muhammad Chief Collector (North) FBR.
The Tax Reforms Coordination Group crystallized the current proposals on the forthcoming budget, with the objective to facilitate business, reduce cost of doing the business, avoid economic burden, harmonize tax laws and promote industry and commerce while improving tax collection.