ISLAMABAD: Federal Finance Minister Ishaq Dar has okayed three-month extension to the Tax Reforms Commission. Now the commission will be active till November 15, 2015 to complete the given task.
The minister gave extension to the Tax Reforms Commission (TRC) during a meeting, which was also attended by Special Assistant to Prime Minister on Revenue Haroon Akhtar.
TRC Chairman Masood Naqvi briefed the minister about the working of the Commission and informed that most of the areas had been covered barring a few sales tax and customs related issues. He emphasised the need for developing a fool proof mechanism to check cross border smuggling with inputs from all stakeholders.
FBR Chairman apprised the minister about efforts to revamp and upscale the IT system of the FBR for better tax/revenue management. He also briefed the minister about the tax audits conducted by the FBR during the past four to five years. There was detailed discussion on ways and means to improve the system of audit and TRC was asked to come up with proposals in this regard.