ISLAMABAD: The Federal Board of Revenue (FBR) has directed Inland Revenue field formations to submit income tax and sales tax-related budget proposals (2024-25) for generating additional revenue from untaxed sectors and under-taxed areas and sectors.
The FBR has given a deadline of March 11, 2024, to the field formations as well as the business community to submit its budget proposals for the next fiscal year.
According to the FBR’s directive to its field formations on Thursday, the FBR has invited budget proposals for the upcoming budget for 2024-25 relating to Income Tax, Sales Tax, Federal Excise Duty and ICT (Tax on Services) Ordinance, 2001.
The proposals, if any, may encompass the following broad parameters/areas:(i) The proposals may suggest amendments to the Income Tax Ordinance, 2001; the Sales Tax Act 1990; the Federal Excise Act 2005, and ICT (Tax on Services) Ordinance 2001.
The proposals may 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broadening of tax base, removal of any procedural lapses, removal of difficulties and anomalies, to abolish any outdated/obsolete provisions, simplification of the laws and rules, taxpayer’s facilitation.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 are expected to 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 proposals may 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broadening of tax base, removal of any procedural lapses, removal of difficulties and anomalies, to abolish any outdated/obsolete provisions, simplification of the laws and rules, taxpayer’s facilitation.
Copyright Business Recorder, 2024
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