FBR Constitutes Compliance Risk Management Committee

The Federal Board of Revenue (FBR) has constituted a compliance risk management (CRM) committee headed by FBR Chairman to probe high-risk areas in major sectors of the economy. The FBR issued a notification in this regard on Wednesday. According to the notification, the CRM committee would be headed by FBR Chairman. The members of the committee included Member Inland Revenue (Operations), Member Inland Revenue Policy, Member IT, and Member Admin. The Director General of Compliance Risk Management would be the Secretary of the committee. The Chief Commissioners of the Inland Revenue field formations would also be opted members of the committee. The directorate shall develop risk profiles on the main segments and sectors related to the four pillars of compliance (registration, filing, reporting, and payment) to be included in the risk register. This would be required at least quarterly and annually.