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FBR seeks budget proposals from businessmen till March 16

FBR seeks budget proposals from businessmen till March 16

MULTAN: The Federal Board of Revenue (FBR) has asked the business community and the tax officials to submit budget proposals for 2020-2021 with the specific focus of broadening tax base, eliminating tax fraud, plugging in loopholes and facilitating genuine taxpayers.

The Federal Board of Revenue has sought budget proposals from President Multan Chamber of Commerce and Industry, Federation of Pakistan Chamber of commerce and industries and others.

The Federal Board of Revenue has invited them to submit budget proposals for the coming budget for FY 2020-2021 relating to sales tax and federal excise duty, on six broad parameters. The FBR asked the business community that amendments should be suggested with a view to achieve simplification, remove difficulties and anomalies besides abolishing any out dated and obsolete provisions.

The budget proposals should focus on broadening the tax base and increase in revenue collection of government. Second, amendments may be suggested in any of following laws/rules etc. including the Sales Tax Act, 1990, the Federal Excise Act, 2005, the Sales Tax Rules, 2006, the Federal Excise Rules, 2005, and the ICT (Sales Tax on Services) Ordinance, 2001.

Third, amendments may be suggested with a view to achieve simplification, remove difficulties and anomalies, and to abolish any out dated/obsolete provisions.

Fourth, wherever possible a draft proposed amendment/procedure may be enclosed along with revenue impact both in soft and hard form.

Fifth, the FBR would specially welcome proposals for eliminating tax fraud, fake and flying invoices, plugging loopholes if any, facilitating genuine taxpayers, and making the procedures transparent. Sixth, the proposals should be made keeping in view the consequences for the other related trade groups, which might be adversely affected by the proposed measure.

The Federal Board of Revenue has asked them to submit their budget proposals before 16th March 2020.