ISLAMABAD: Finance Minister Ishaq Dar on Tuesday tasked the Tax Reform Commission to come up with an interim report of tax proposals for Federal Budget 2015-16.

“The commission should bring forth an interim report on proposals for consideration,” the minister said while heading the second meeting of the commission.

The commission was established on September 26, 2014 with a deadline to present its recommendations within 120 days (January 26, 2015).

An official statement said that chairman of the commission had given detail briefing to the finance minister on the proposals to firm up in consultations with all stakeholders on tax related proposals.

Briefing the minister, Chairman Tax Reforms Commission, Masood Naqvi, said the commission held detailed deliberations on various aspects of tax collection, public facilitation matters and administrative/structural changes required to revamp the tax collection system as a whole.

Moreover, six specialised committees worked in close liaison in putting forth proposals for tax reforms. The areas the committees covered included tax policy, indirect and direct tax collection, border security/anti-smuggling measures, expansion of tax base and tax facilitation.

Naqvi said the commission met business houses, chambers of commerce, Pakistan Business Council and professionals in this regard. The next meeting would be held on January 17 and a week after, recommendations of the commission would be finalised.

He said there were a number of suggestions on the financial side, including decrease the overall number of taxes.

Dar said enhancement in revenue collection was a part of government’s vision for an economically strong Pakistan.

Dar added that the government had passed on the benefit of fall in oil prices to the consumers, desisting the temptation to use it to bridge fiscal deficit or for retiring circular debt.

Published in Dawn, December 17th, 2014