ISLAMABAD: The Federal Board of Revenue (FBR) has invited proposals from various stakeholders on Income Tax and Customs for consideration in the upcoming budget for the fiscal year 2021-22.
“The Federal Board of Revenue is currently engaged in formulation of proposals for the Finance Bill 2021. In order to benefit from the collective wisdom of all the stakeholders for improvement of tax policy, proposals are invited for the upcoming Budget 2021-22,” said a FBR notification,
The board has sought proposals in six main areas of Income Tax including broadening of tax base for a wider participation in revenue generation efforts, taxation of real income on progressive basis and 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 board has requested the stakeholders to provide the proposals by February 15, 2021. The proposals have been sought from all chambers of commerce and industry, business councils and other relevant stakeholders.
Meanwhile, the Customs Wing of the board had also invited customs-related budget proposals for the year 2021-22 which should cover three areas i.e. changes in Customs Tariff rates, Rules/Procedures and Customs Act, 1969.
The board had requested the stakeholders to properly process and evaluate each proposal according to formats available on the website of the board.
It also suggested stakeholders formulating the proposals that the provision of the existing customs tariff rates and laws should be carefully studied and consulted. It added the proposal may be supported with the statistical data wherever required so that it is not dropped on account of any such infirmity.
