ISLAMABAD, Nov 9: The Central Board of Revenue (CBR) has estimated that the restructuring of the tax administration would cost approximately $200 million, a reliable source told Dawn here on Thursday.

The amount to be utilized on the revamping of the tax- machinery will be available in phases over a period of three years.

“We have been given assurance by the donor agencies particularly the World Bank to provide us with a handsome amount to for the project,” an official source said.

According to the source, the donor agencies have recommended to the government to grant, to some extent, autonomy to the CBR.

In this regard a preliminary presentation will be given to the federal finance minister, Shaukat Aziz on November 10 to solicit his opinion on the proposed autonomy for the board.

Explaining the main features of the autonomy, the source said the CBR had sought autonomy from the federal government in formulation of its own budget and administrative policies.

Furthermore, it also seeks autonomy in adopting its own human resource recruitment and development strategy and to protect itself against undue intrusion from the intelligence agencies, the source said.

Defending the autonomy, the source said the present relationship imposed constraints, which adversely affected CBR’s day to day operations.

“CBR will not be able to meet the projected revenue needs of the economy and accomplish our agreed mission and vision unless adequate freedom to act is given,” the source said.

Under the proposed re-structuring plan, a ‘Supervisory Council’ equal to the status of cabinet committee, will also be constituted within a a period of three months.

The council is aimed to approve revenue target, allocation of budget, human resource development policy, compensation, delegation of powers to CBR and exercise of federal power.

The council will be headed by the federal finance minister, as a chairman, while its members included the minister of commerce, secretary general, finance, deputy chairman, planning commission, secretary establishment, chairman CBR. And co-opted members on need basis will be included minister for science & technology, law secretary, president FPCCI and a panel of three private sector members.