ISLAMABAD: On Wednesday, officials from the Asian Development Bank (ADB) held an important meeting with the Federal Board of Revenue (FBR) to review progress on âEngaging RBF Reform with ADBâ as well as issues and challenges facing effective implementation here Wednesday. .
The FBR team was led by the President of FBR, Dr Muhammad Ashfaq Ahmed, while the AfDB team was led by the Deputy Executive Director of the United States, John Hurley, who was accompanied by the Country Director Yong Ye, Senior Energy Specialist Asad Aleem, Executive Director Noor Ahmed, Main Project. Financial Sector Officer Sana Masood, Senior Infrastructure Project Officer Khurram Ghafoor and Senior Economist Farzana Noshab.
Customs Operations member Syed Muhammad Tariq Huda, IR Operations member Qaiser Iqbal, Reforms member Ambreen Iftikhar, Chief Media Officer Muhammad Asad Tahir and Pakistan Raises Revenue (PRR) Project Director Nadeem Basheer were also present at the meeting. .
According to the details, the progress of the Integrated Transit Trade Management System (ITTMS) was shared with the AfDB delegation at the meeting.
Giving specific details on the facilitation of customs trade at border crossing points (BCPs), the FBR team informed that the facilitation of multi-agency administration and the operationalization and 24-hour establishment of zones well-equipped import and export customs control (CCZ) at BCPs were provided.
With regard to the harmonization of customs exchanges at the level of the BCPs, it was informed that the least possible human interface between the entry and exit points has been ensured for better trade facilitation.
âIn addition, WeBOC has been integrated with Pakistan Single Window (PSW) for real-time data sharing with relevant stakeholders. Electronic Data Interchange (EDI) is also shared with regional economies and trading partners. Rapid electronic document verification, customs clearance, weighing and scanning have accelerated the cross-border movement of goods under the WTO Trade Facilitation Agreement (TFA) to reduce business costs, âsaid said the chairman of the RBF.
During the meeting, the progress of the Tax Administration Diagnostic Assessment Tool (TADAT) was also shared with the AfDB.
The visiting delegation was informed that the FBR has initiated the formulation of the tax code with the aim of harmonizing all domestic tax laws and maximizing taxpayer facilitation.
It was told at the meeting that the Inland Revenue Code alone will reduce the cost of implementing RBF and lower compliance costs for taxpayers.
The AfDB team was also briefed on the broader RBF revenue mobilization initiatives, particularly in the area of ââthe Pakistan Raises Revenue (PRR) program.
He was informed that the RBF was on track to meet the program’s goals for a simple and transparent tax system, effective monitoring of taxpayer obligations, and facilitating compliance and institutional development for efficiency and accountability.
In addition, the president of FBR FBR presented the key initiatives of the department, including electronic surveillance (tracking and traceability system), point of sale (POS) integration, creation of a sales tax portal. unique and other similar technology initiatives.
He reiterated that his team had done well in the past fiscal year (FY21) in exceeding the assigned revenue target of 4.691 billion rupees and had already raised 235 billion rupees beyond the allocated budget for the first four months. (July-October) of the current fiscal year (4MFY22), achieving growth of 36.7%.
He informed the delegation that, for the first time in the history of the RBF, the first revenue collection organization in the country has adopted a policy of clean revenue collection by not withholding a penny from refunds payable to taxpayers and by not accepting any advance compared to the practices in force in the past.
The AfDB team has appreciated RBF’s efforts to maximize revenue potential through automation and digitization and hope that the tax watchdog will continue to maintain its continued momentum to expand the tax base through technology and thus collect maximum income for the Pakistani people.