The Revenue Administration Law gives the Board of Internal Revenue the powers to perform the following functions:
- Providing general policy guidelines regarding the functions of the Internal Revenue Service and supervising the implementation of such policies;
- Ensuring the effective and optimum collection of all revenue, including levies and penalties due to the State Government under the relevant Federal and State Laws;
- Doing all such things that may be deemed necessary and expedient for the assessment and collection of revenue;
- Accounting for all amounts so collected in a manner to be prescribed by the Governor;
- Making recommendations, where appropriate, to the Joint Tax Board on tax policy, tax reform, tax registration, tax treaties and exemptions as may be required from time to time;
- Such other things as are in the opinion of the Board necessary to ensure the efficient performance of the functions of the Internal Revenue Service under the Law establishing it.