The sources further said the Punjab government is also considering a proposal of setting up of an agency for recovery of all kind of taxes at provincial level. In this regard, a committee is already working for firming up necessary recommendations. The sources said the provincial government has already directed the Punjab Revenue Authority to simplify tax forms and other information for common man while recovery system is being computerized completely so that chances of leakage and other malpractices could be eliminated.
The sources said in order to discharge newly evolving areas of work relating to corporate financial management, debt management and taxation policy and to strengthen release of funds for development schemes, a restructuring exercise was undertaken by the finance department. Now the finance department has been divided into two wings - budget and resources wing and expenditure and investment wing. Under the new arrangement, budget and resource wing is comprised of five groups of office: budget, establishment, regulation, monitoring and policy and planning. An 'establishment' group of office has been carved out of the budget wing to look after the affairs of attached departments of the finance department. The expenditure and investment wing is consisted of economic services, social services, local government finance and development.
The coordination function for release of development funds has been concentrated in the 'development' group of office under the expenditure and investment wing of the department to help improve coordination with planning and development department on this important function. Specialized units such as tax reform unit, debt management unit, corporate finance unit and NFC Secretariat have been added to build the department's capacity for modern day PFM needs, the sources added.
Copyright Business Recorder, 2017