FBR Launches Inland Revenue Strategic Reform Plan

The Federal Board of Revenue (FBR) Wednesday launched the Inland Revenue Strategic Reform Plan (2021-25). The launching ceremony was chaired by FBR Chairman Dr Muhammad Ashfaq Ahmed.

While addressing on the occasion, FBR Chairman remarked that the Inland Revenue Strategic Reform Plan encapsulated FBR’s vision for the future. The country’s premier revenue collection organisation aspires towards building a stronger and more modern institution, driven by the principles of integrity, efficiency, and effective service delivery, he added.

ALSO READ
FBR Forms Committee to Resolve Pharmaceutical Tax Issues

He reiterated that the plan envisaged the transformation of Inland Revenue into a world-class, technologically-savvy, and taxpayer-centric service. He thanked all the development partners for their much-needed support in developing this valued document and assured them of his fullest cooperation in implementing the same.

It is pertinent to mention that the Inland Revenue Strategic Reform Plan clearly sets the reform agenda for the four-year period from 2021-22 through to 2024-25. The plan provides reform actions to improve tax administration in the 4 strategic reform areas which include improving tax compliance, strengthening tax administration, building institutional capacity, and reinforcing the legislative framework.

Furthermore, the Inland Revenue plans to address the challenge of low tax compliance through implementing a compliance risk management capability; improving registration, filing, payment, and reporting compliance; reducing the cost of compliance, strengthening the audit capability, streamlining processes, and procedures. Needless to add that greater use of automation for better service delivery and a data-centric approach is a key reform area. Leveraging existing data holdings and developing further data sources will allow the FBR to better identify compliance risks and allow the FBR to direct our resources to areas of highest risk.

ALSO READ
Govt to Cut Development Budget by 50% During Current Fiscal Year

Inland Revenue also endeavors to improve the skill set of its workforce and simplify and standardize the IR procedures by providing a common tax code. The IR Strategic Plan will be reviewed on an annual basis to ensure the programme is still a sustainable and viable reforms strategy. The envisaged reforms have the potential to structurally improve the performance of the tax system and make a significant contribution to revenue mobilization.

The event was also attended by key officials of international donors including the World Bank, FCDO, IMF, Asian Development Bank, and senior leadership of FBR.

The post FBR Launches Inland Revenue Strategic Reform Plan appeared first on .

Updated: April 20, 2022 — 3:41 pm
Techinfo Latest Technology News Frontier Theme