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IMF recommends to establish Federal Revenue Agency for tax collection

IMF recommends to establish Federal Revenue Agency for tax collection

ISLAMABAD: The International Monetary Fund (IMF) has recommended the federal government of Pakistan to establish the Federal Revenue Agency (FRA) to collect taxes from across the country.

The global moneylender believes that collection of taxes will be more efficient if the revenue agency is formed and maintains that it should collect taxes at provincial and district level.

Thereby, taxpayers will not have to travel to federal, province and district tax offices and all taxes at federal, provincial and district level will be collected at the same place.

The IMF has further recommended that the center could return the taxes to the provinces and districts after collecting it at one place.

In Pakistan, taxpayers are required to fill 47 tax forms and so it is essentially required to simplify tax forms filling and submission process and its collection.

With the recommendation, the IMF maintains that any form of tax can be collected at any tax office across the country.