ISLAMABAD: The Federal Board of Revenue (FBR) has directed all its field offices to submit their estimates for upcoming budget (2017-18) as well as for Medium-Term Budget (2017-20).
The Chief Commissioners of Large Taxpayer Units (LTUs), Chief Collectors, Customs Collectors and Director Generals and Directors have been directed to also submit the revised estimates for the ongoing financial year 2016-17, official sources said.
The concerned quarters have been advised to submit these budget estimates latest by January 30 for scrutiny and onward submission to the Finance Division.
According to details, the field officers have been advised to send estimates in respect of current expenditure, development expenditure and receipts of Federal Government of Chief Collectorates, Directorates General, Collectorates and Directorates Offices.
Meanwhile, the board had already invited pro-revenue proposals relating to Sales Tax and Federal Excise for the upcoming budget for the Fiscal Year 2017 18.
The board has advised all the stakeholders to send their proposals to FBR as soon as possible and by January 31, 2017.
The proposals have been sought from the chambers of commerce and Industry as well as from field offices of FBR, according to official sources.
"The budgetary proposals should be pro revenue and should focus on broadening the tax base and increase in revenue," sources added.
The stakeholders can suggest amendments in Sales Tax Act 1990, Federal Excise Act 2005, Sales Tax Rules 2006, Federal Excise Rule 2005, Sales Tax Special Procedure Rules 2007, Sales Tax Special Procedure (Withholding) Rules 2007, Notifications, Circulars, General Order, Clarifications or rules related to Sales tax and Federal Excise.
The amendments may be suggested with a view to achieve simplification, remove difficulties and anomalies, and to abolish any outdated or obsolete provisions.
"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," the sources added.
The FBR has also advised that 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.
Earlier during the beginning of this month, the FBR initiated process for formulation of proposals for the budget of upcoming financial year 2017-18.
The board had invited Income Tax proposals from different stakeholders including chambers of commerce and industry, bodies of trade and industry, provincial bodies and regulatory authorities, official sources said.
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