ISLAMABAD: Federal Board of Revenue has announced the awaited Tax Advisory Council to give proposals for the upcoming Budget 2014-15. In this regard, a notification has been issued.
According to the notification, Tax Advisory Council and its functions are defined. The Council encompasses all stakeholders including chartered accountants, academia, senior tax consultants, retired senior officers of Pakistan Customs and Inland Revenue Service, industrialists, Presidents of Federation of Pakistan Chambers of Commerce and Industry and four provincial Chambers of Commerce and Industry.
The functions of Tax Advisory Council shall include recommendation and discussion of new tax measures; provision of input on different tax policy issues enabling the government to adopt a pluralistic view representing divergent interest groups, and at the same time enhancement of tax revenues; deliberation upon and suggestion of measures for extending tax net; proposal of legislation which would minimise opposition and increase compliance to law; and assistance in any other function as agreed upon by the Council and FBR.
The Tax Advisory Council for FBR shall include the following members:
Economists: Dr Ali Cheema, Lahore University of Management Sciences and Dr Kazi Masud Ahmed, Professor/ Director Centre for Business & Economic Research IBA, Karachi;
Industrialists: Syed Yawar Ali, Nestle Pakistan Limited, Lahore, Bashir Ali Muhammad, Gul Ahmed Textile, Karachi, S M Munir, Din Group, Karachi and Mohsin Aziz, Former Chairman APTMA, Peshawar;
Chartered Accountants: Asim Zulfiqar, CA, Lahore and Ishfaq Tola, CA, Karachi;
Consultants: Advocate Abid Shaban and Advocate Akhtar Ali Naeem;
Former FBR officers: Irfan Nadeem, Former Member, FBR/Former Federal Secretary, Dr Manzoor Ahmad, Former Member, Customs FBR, Khalid Aziz Banth, Former Member (Operations) FBR and Habib Fakharuddin, Former Member, FBR;
Ex officio Members: President of FPCCI, Karachi, President of Karachi Chamber of Commerce & Industry, President of Lahore Chamber of Commerce & Industry, President of Islamabad Chamber of Commerce & Industry, President of KPK Chamber of Commerce & Industry, President of Quetta Chamber of Commerce & Industry, Chairman of Pakistan Business Council and Secretary General of OICCI, Pakistan.