ISLAMABAD: Federal Board of Revenue is trying to find out the total cost of exemptions on income tax, sales tax and customs duty in the ongoing fiscal year for compilation of tax expenditure data for the Pakistan Economic Survey for Fiscal Year 2013-14.
Sources said that Finance Division has directed Federal Board of Revenue to submit the details of the tax expenditure in the current fiscal year in a phase-wise manner. FBR will submit the information in two phases to ensure timely submission of exemption related data for publication in the Economic Survey (2013-14).
Sources further said that FBR is due to submit details of the Policy Measures announced during the ongoing fiscal year during July-December, 2013 by February 6 this year with implementation progress supported by necessary data. Until April 3, 2014, FBR will submit policy measures announced during the ongoing fiscal year during July-March, 2013-14 with implementation progress supported by necessary data. The estimated tax-wise and item-wise tax expenditures for 2013-14 and 2012-13 would also be made part of the Economic Survey.
Finance Division brings out ‘Pakistan Economic Survey’ each year prior to the announcement of the Federal Budget for next fiscal year. The Economic Survey covers economic programmes/policies announced by the government for each sector and the measures taken to implement their overall impact analysis during the on-going fiscal year. It also assesses and highlights the economic performance on the basis of material and relevant data provided by the concerned ministries/divisions, departments, attached organisations and autonomous bodies.