Budget preparations: Proposals aimed at seeking ST, FED exemptions, concessions may not be entertained by FBR
ISLAMABAD: The Federal Board of Revenue budget preparation exercise for sales tax and federal excise duty for 2022-23 may not entertain proposals of exemptions or tax concessions.
In this connection, the FBR has issued instructions to the FBR Members, Chief Commissioners Inland Revenue and Directorate Generals on the budget proposals for 2022-23, here on Friday.
According to the FBR directive, the FBR has invited the budget proposals for the upcoming budget for FY 2022-23 relating to sales tax and federal excise duty.
The proposals, if any, may encompass the broad parameters/areas.
The proposals may suggest amendments to Sales Tax Act, 1990, Federal Excise Act, 2005, Sales Tax Rules, 2006, Federal Excise Rules, 2005, and ICT (Sales Tax on Services) Ordinance, 2001.
The proposals should focus to cope with any tax avoidance/leakages, broadening of tax base, removal of any procedural lapses, removal of difficulties and anomalies, to abolish any outdated/obsolete provisions, simplification of the laws and rules, taxpayer’s facilitation. The proposals should be clear, meaningful and implementable through further amendments to the laws having regard to all stakeholders, including the trade groups; which may adversely be affected by the proposed measures, the FBR maintained.
Accordingly, it is requested to come up with valuable budget proposals (2022-23) to be sent to the Board latest by March 16, 2022 on the format to email:[email protected].
Copyright Business Recorder, 2022