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ISLAMABAD: The income tax budget (2023-24) would focus on policy for taxation of real income, phasing out of tax concessions/exemptions, removal of tax distortions/anomalies and increase the incidence of tax on affluent class.

The FBR has issued instructions to the business and trade on the income tax proposals for Budget 2023-24.

The FBR has issued income tax policy for the upcoming budget for the next fiscal year.

To be presented in first week of June: FY24 budget call circular issued to ministries, divisions

According to the FBR, the Board is currently engaged in the formulation of proposals for the Finance Bill 2023. In order to get benefit from the collective wisdom of all the stakeholders for improvement of tax policy, proposals are invited for the upcoming Budget 2023-24.

Business community’s input/suggestions in the following policy areas shall be highly appreciated:-(i); Broadening of tax base for a wider participation in revenue generation efforts; (ii); Taxation of real income on progressive basis; (iii); phasing out of tax concessions and exemptions; (iv); removal of tax distortions and anomalies; (v); facilitation of taxpayers and ease of doing business; (v) promoting equity in taxation by introducing measures where incidence of tax is higher on affluent classes.

Copyright Business Recorder, 2023


Comments are closed.

ziya sheikh Feb 08, 2023 10:10am
pls... Give relief to salaried class this year specially pvt sector as they dont have option for other income, 2nd part time job nor time...to spend in other field. Ladt year big number of skill labiur left country cause of major reason inflation n big taxes but no any benefit. Pls save this country with skilled labour.
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Atharov Gardezi Feb 08, 2023 01:28pm
@ziya sheikh, Exactly dear ,, you are very well right to some extent . U know only alite and affluent class is meant to survive here in Pakistan and none other.....
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ABID ALI Feb 08, 2023 02:05pm
Ease of doing business must be encouraged, train the youth, skill person's, intellectual and house wife how we can earn dollars in replacement of provide services outside the Pakistan. most of the salaried person have no other source of income so provide tax relief to them according to inflation. promote local industry instead of MNC.the big question is that how we can find alternate of imported items in many sectors. which is possible e.g Tea, diapers, cotton, finished fabric, grocery, chocolates, meat and in beauty and fashion items.
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Awais Ahmad Qureshi Feb 08, 2023 03:34pm
Impose more taxes on salaried class...and give free ride to traders and business community...the salvation of country lies in removal of poor and middle class... this is my proposal to thugs, corrupts, scoundrels, crooked
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