Finance Minister Muhammad Aurangzeb Thursday informed the Senate Standing Committee on Finance and Revenue that efforts are underway to simplify the tax return form for the salaried class.
Speaking during the meeting, the minister also said that the government intends to lessen the tax burden on the salaried class.
The minister informed the committee that the Tax Policy Wing is being separated from the Federal Board of Revenue (FBR). He added that from the next fiscal year, tax policy will solely be the finance ministry’s job while FBR will focus on tax collection.
The committee members questioned the minister on the performance of FBR and finance ministry and asked how foreign funds received for improving the capacity of FBR are being utilized.
The FBR chairman informed the committee that FBR has met the tax-to-GDP target set by the International Monetary Fund (IMF). The FBR chairman said that the tax shortfall during the first half of the current fiscal year may widen during the upcoming months but expressed confidence that the shortfall will be bridged towards the end of the fiscal year.
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