KARACHI: The Federal Board of Revenue (FBR) has advised all the formations to furnish pro-revenue budgetary proposals for the federal budget 2016-17 byMarch 02, 2016.
FBR has advised that the proposals should focus on broadening the tax base and increase in revenue.
The amendments may be suggested in Sales Tax Act 1991, Federal Excise Act 2005, Sales Tax Rules 2006, Federal Excise Rules 2005, Sales Tax Special Procedures Rules 2007, Sales Tax Special Procedures (Withholding) Rules 2007, Sales Tax Notifications/Circulars/General Order/Clarifications Rules and Federal Excise Notifications/Circulars/General Order/ Clarifications Rules.
Amendments may be suggested with a view to achieve simplification, remove difficulties and anomalies, and to abolish outdated/obsolete provisions.
FBR would specially welcome proposals for eliminating tax fraud, fake & flying invoices, plugging loopholes if any, facilitating genuine taxpayers and making the procedures transparent.
The Board has also advised Federation of Pakistan Chambers of Commerce & Industry (FPCCI) all other chambers of commerce & industry, American Business Council, stocks exchanges to furnish their proposals for the upcoming budget.
“The proposals should be made keeping in view the consequences for the other related trade groups which might be adversely affected by the proposed measures,” FBR noted in a letter.