The Tax Reforms Commission (TRC) has expressed disappointment over the non inclusion of their tangible recommendations in the Budget 2015-16 and is likely to cease its work in protest.
An official source said that the Ministry of Finance was trying to allay concerns of TRC and has assured all their recommendations will be accommodated in due course of time. However, TRC is of the view the government has lost the initiative by not incorporating their recommendations in the budget.
The source said that Finance Minister Ishaq Dar only incorporated some recommendations and completely ignored the tangible technical recommendations. The professional led TRC was assured at the time of its formation in September 2014 that their recommendations will form the basis of the taxation measures for the next fiscal year.
TRC Chairman Masuod Naqvi confirmed to Pakistan Today that they were disappointed.
“We are disappointed at the non inclusion of our tangible recommendations in the budget”. However, he did not comment when asked whether the commission will cease to function after the non serious approach of the government.
The source said that the Finance Ministry is trying to arrange a meeting with the disgruntled members of the TRC, who devoted six months for recommending major tax reforms to modernise the revenue collection in the country, and that too without any monetary compensation.