KARACHI, Oct 5: The Central Board of Revenue (CBR) and the Institute of Business Administration (IBA) have signed a memorandum of understanding for starting an MBA degree programme in tax management.

Member CBR (human resource management) Zafar Aziz Usmani told APP on Saturday that induction of an income tax officer in the service would be subjected to completion of this degree.

He said it was for the first time in the history of the CBR that a grade-17 officer would have to complete an MBA programme before taking a job in income tax, customs, sales tax and central excise departments.

Mr Usmani said that this would help tax officials at the initial stage fully understand the working of business houses, their cash flows, balance sheets, stocks, and other accounts.

He said the initiative had been taken in the best interest of tax payers, the government and the CBR officials.