ISLAMABAD
The government on Wednesday extended the tenure of Tax Reforms Commission (TRC) for the period of 90 days with effect from February 16 2015.
The Federal Board of Revenue (FBR) has issued the notification regarding extending the tenure of TRC, which reportedly failed to complete its work within time. The Tax Reforms Commission in its meeting held on December 16 2014 had decided to complete its works by January 24 this year by suggesting proposals to reform tax system for improving dismally low tax-to-GDP ratio for inclusion in budget for the next fiscal year 2015-16.
However, TRC could not complete the recommendations by due time. The government on September 25 2014 had constituted Tax Reform Commission (TRC) with the mandate to deliberate upon continuation of single stage General Sales Tax (GST) or put in place multiple stages GST, granting autonomy to the FBR and establishing Border Force to curb smuggling. The TRC had given deadline to present its recommendations within 120 days on important issues related to tax structure of the country.