Islamabad: The Federal Board of Revenue (FBR) has approved the decision to separate its two wings, Customs and Inland Revenue Services (IRS).
According to sources, the division of the Inland Revenue Services and Customs is expected to be completed by March 31. The IRS is responsible for collecting sales tax, income tax, and federal excise duties, while Customs imposes levies on the trade of goods across borders.
The proposed reforms include the establishment of three separate boards to oversee the functioning and decision-making processes of the FBR. This includes the creation of a policy board responsible for formulating policies related to income tax, sales tax, and federal excise duties.
The finance minister will chair the newly formed board, which will also include members from the private sector.
