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