The much-anticipated restructuring plan for the Federal Board of Revenue (FBR) has been put on hold, with the caretaker government suspending the notification of its in-principle approval.
The notification regarding the restructuring, which had received in-principle approval, has been suspended, awaiting action from the incoming government.
Sources indicate that the caretaker federal cabinet recently greenlit the reorganization of the FBR. However, the notification pertaining to this decision has been temporarily halted. To proceed with the restructuring, legislative changes will be necessary, involving amendments to over a thousand tax laws.
The restructuring plan, which included the establishment of a Federal Tax Policy Board and the separation of Customs and Inland Revenue departments, has been delayed. This development comes amid reservations expressed by the FBR's tax machinery regarding the proposed restructuring.
Now, with the caretaker government's decision to defer the implementation, the issue will be presented to the newly elected coalition government for consideration. The fate of the FBR's restructuring plan and its subsequent implementation will rest in the hands of the incoming administration once it assumes office.
