The Federal Board of Revenue (FBR) has given a deadline of March 10, 2021 to the business community for submission of budget proposals pertaining to the sales tax and federal excise duty for 2021-22.
In this connection, the FBR Friday issued instructions to the business community on budget proposals for next fiscal year.
The FBR’s letters to the business community revealed that the Board has invited the proposals for the coming budget for fiscal year (2021-22) relating to Sales Tax & Federal Excise, on the following broad parameters:
The proposals should focus on broadening the tax base and increase in revenue;
Amendments may be suggested in any of the following laws/rules etc: Sales Tax Act, 1990 Federal Excise Act, 2005 Sales Tax Rules, 2006 Federal Excise Rules, 2005 ICT (Sales Tax on Services) Ordinance, 2001.
The FBR stated that the amendments may be suggested with a view to achieve simplification, remove difficulties and anomalies, and abolish any outdated/obsolete provisions.
The FBR would especially welcome proposals for eliminating tax fraud, fake & flying invoices, plugging loopholes if any, facilitating genuine taxpayers, and making the procedures transparent; and The proposals should be made keeping in view the consequences for the other related trade groups which might be adversely affected by the proposed measure.
It is requested that the requisite proposals may kindly be sent to the Board by March 10, 2021, FBR’s instructions added.
The post FBR Seeks Income Tax Budget Proposals From Business Community appeared first on .