ISLAMABAD: The Federal Board of Revenue (FBR) has 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may be suggested with a view to achieve simplification, remove difficulties and anomalies, and to abolish any outdated or obsolete provisions.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.
The date for submitting Income Tax proposals has been fixed on January 15, 2017 to ensure timely compilation and consideration for their incorporation in the bill.
The FBR has invited budget proposals in a format, which should explain the financial impact of a proposal or an amendment that is to be incorporated in the existing law.
According to the format, the stakeholders have been asked to properly mention the relevant section or schedule of the Ordinance, the existing law and the proposed amendment.
Comments
Comments are closed for this article.