FBR forms committees to identify, resolve Finance Bill 2024 anomalies

On Saturday, Federal Board of Revenue (FBR) Chairman Malik Amjed Zubair Tiwana established two anomaly committees to address and rectify business and technical-related irregularities in the Finance Bill 2024.

The Anomaly Committee on Business, headed by President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Akram Shaikh and All Pakistan Textile Mills Association (APTMA) Gohar Ijaz, will collaborate with co-chairpersons Member Customs (Policy) Ashhad Jawad and Member IR Policy Amna Faiz Bhatty, as per a news release.

Similarly, the Anomaly Committee on Technical, chaired by Managing Partner of KPMG Adnan Rizvi, will work alongside co-chairpersons Member Customs (Policy) Ashhad Jawad and Member IR Policy Amna Faiz Bhatty.

The committees comprise leading businessmen from various chambers of commerce and trade bodies. Both are mandated by the FBR to submit their recommendations by June 20, 2024.

Earlier, on June 12, Finance Minister Muhammad Aurangzeb presented the federal budget with a total outlay of Rs18.9 trillion. The budget aims for a modest 3.6% GDP growth, setting an ambitious Rs13 trillion tax collection target, including raising taxes on salaried classes and eliminating tax exemptions for others.

Aurangzeb stressed the importance of broadening the tax base to alleviate the burden on existing taxpayers.

This year's budget, akin to the previous one, is widely perceived as crafted to meet the requirements of the International Monetary Fund (IMF) to secure another bailout, this time aiming for a "larger and longer" assistance.