The Ministry of Finance has directed the Federal Board of Revenue to provide taxation proposals before April 10, 2012 to make it part of the Finance Bill (2012-13). Sources told Business Recorder on Friday that the Finance Ministry has written a letter to FBR Chairman Mumtaz Haider Rizvi in this regard.
According to the Ministry of Finance, as part of the budget making process, ministries/divisions provide material relating to their area of activity for inclusion in the Finance Minister's budget speech. The material for the budget speech generally covers the following aspects: Firstly, performance of ministry/division/organisation during the current financial year.
Secondly, major activities/proposals to be undertaken in the forthcoming fiscal year 2012-13, in particular, and for 2013-14 and 2014-15 in general, and expected improvements. Thirdly, any other important information regarding budget proposals should be provided to the Finance Ministry within the given timeframe.
The Finance Ministry further said that the budget material should be prepared in a concise and focused manner and provided to the Budget Wing of the Finance Division before April 10, 2012. Being a policy document, it should be approved, at least, by the Additional Secretary of the concerned ministry/division. Additionally, the soft copy of the budget material may also be forwarded to the Finance Ministry, sources added. The Federal Budget for 2012-13 is expected to be presented in Federal Cabinet and Parliament on May 25, 2012. The Budget Wing of the Finance Division had directed the FBR to finalise budgetary proposals in light of the proposed date for presentation by federal budget to the Cabinet and Parliament.
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