ISLAMABAD, Nov 1: On completion of all legal formalities, the government on Thursday formally converted the Central Board of Revenue (CBR) into Federal Board of Revenue (FBR) as part of tax administration reform project.

The launching of FBR was officially announced here by Chairman M. Abdullah Yusuf, saying it is “historic” and a “great step forward”. He made the announcement at the start of the Quarterly Conference of Collectors of Sales Tax and Federal Excise and Collectors (Appeals).

“Transformation of CBR into FBR has been completed,” said the chairman and added, “It is not only the change of nomenclature but much more than that”.

“We have now legally and physically FBR on ground. It gives us a much greater autonomy, which will help us to grow at a faster pace and become an institution capable to deliver as a prime revenue generating agency of the country”, Mr Yousuf observed.

The chairman was of the opinion that we have to justify this step by our action, response and delivery. “We have to prove that we are responsive, efficient and transparent,” he added.

Later, reviewing the performance of sales tax and federal excise collectorates during July-September 2007-08, the conference was informed that sales tax and federal excise collections had not only shown considerable growth but also surpassed the targets set for the quarter.