ISLAMABAD: The Federal Board of Revenue (FBR) has taken a detailed input of the Karachi Chamber of Commerce and Industry (KCCI) for preparation of a taxpayer-friendly budget for 2022-23.

Sources told Business Recorder that the KCCI is holding a series of virtual meetings with the tax authorities on budget proposals of the industry and trade. A meeting was held on Friday and attended by senior FBR officials. The meeting mainly focused on measures to address taxation-related problems of the business community. The tax policy-related proposals were submitted by the said chamber to the FBR. The FBR high-ups would take input from the KCCI in compilation of the federal budget for 2022-23.

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The meetings between the KCCI and the budget makers of the FBR would continue till June 2022, the FBR sources added. The FBR has asked the KCCI to give business community input/suggestions in the following policy areas: Broadening of tax base for a wider participation in revenue generation efforts; taxation of real Income on progressive basis; phasing out of tax concessions and exemptions; removal of tax distortions and anomalies; facilitation of taxpayers and ease of doing business; promoting equity in taxation by introducing measures where incidence of tax is higher on affluent classes.

The KCCI has almost compiled proposals for the Federal Budget 2022-2023 based on recommendations and feedback from its members, representatives of major business sectors and senior advisers. The KCCI is acutely aware of ground realities of trade and industry and well-acquainted with both micro and macro issues faced by business community.

Copyright Business Recorder, 2022