THE FEDERAL BOARD OF REVENUE ACT, 2007

Central Board of Revenue Act, 1924 is proposed to be repealed by the Federal Board of Revenue Act, 2007.  The name of Central Board of Revenue (CBR) will be changed to Federal Board of Revenue (FBR) and all the functions and powers of CBR will be taken over by FBR on the effective date.  Salient feature of the Federal Board of Revenue Act, 2007 are:

1. The FBR shall consist of not less than seven members to be appointed by the Federal Government.
2. FBR shall exercise all the powers of CBR and shall exercise such other powers and all functions that are necessary to achieve its objective which includes: implementation of tax administration reforms, promotion of voluntary tax compliance, adoption of modern tax administration methods, implementation of human resource management policies, etc.
3. The Federal Government shall constitute the Cabinet Committee for FBR and also nominate and notify its members.  The Committee shall be headed by the Minister for Finance and Revenue or the Advisor to PM on Finance and Revenue.
4. Any person aggrieved by any action done or taken for the enforcement of the fiscal laws or any notification issued by the Federal Government or due to any act of maladministration, corruption and misbehaviour by any officer or employee of the Board or any unnecessary delay or hardship caused due to any administrative process may prefer representation to the Chairman of the Board for redressal of his grievance.
5. The board may delegate any of its functions and powers to any Government agency, chairman or any member or employee duly appointed.
6. The Board shall, in respect of each financial year, prepare its accounts of the receipts and payments and budget estimates and submit the same to the Finance Division for further process.
7. The Board shall prepare an annual report of its activities and present it to the Prime Minister.
8. The board shall create and maintain a data bank containing information from third parties necessary to perform the its objects and purposes.
9. All orders, made, proceedings taken, acts done and agreement entered into by the CBR shall continue to be in force unless later modified by FBR.
10. Reference  to CBR wherever occurring in any law or the rules, regulations, orders, statutory rules and order or notifications, etc, for the time being in force shall be read as a reference to FBR.