SIFC 'okays' restructuring of FBR

ISLAMABAD: The Special Investment Facilitation Council (SIFC) has approved the Finance Ministry summary regarding the restructuring of Federal Board of Revenue (FBR), ARY News reported citing sources.

According to sources, the federal cabinet is likely to finalize the restructuring of the Federal Board of Revenue (FBR).

Sources said that after the restructuring of FBR, the tax policy will be included in the jurisdiction of the finance ministry.

The eight-member board comprising secretaries from the finance ministry, commerce ministry and foreign ministry will overview the affairs of FBR.

The Apex Committee of Special Investment Facilitation Council (SIFC) chaired by Caretaker Prime Minister Anwaar-ul-Haq Kakar on January 3, reviewed progress on various measures being undertaken to improve the investment climate and approved various policy-level interventions to further facilitate the investors including strengthening of domestic dispute resolution mechanism.

It reviewed progress on privatization and appreciated the collaborative approach of various stakeholders in timely completion of various critical benchmarks and gave directions to maintain the momentum, PM Office Media Wing said in a press release.

It is pertinent to mention here that the Federal Board of Revenue (FBR) created history by collecting Rs1.021 trillion in December 2023 and after adjusting refunds of Rs38 billion issued during the month, reached net collection of Rs984 billion.

Targets for the month as well as for the first six months of the current financial year were also surpassed, said a news release issued on Sunday.

The target for the first six months was Rs.4425 billion (as agreed with IMF), which was surpassed by 43 billion and recorded a collection of Rs.4468 billion.

FBR in the corresponding six months of the previous year collected Rs.3428, thus registering an increase of more than Rs 1 trillion.