FBR seeks budget proposals

KARACHI: The Federal Board of Revenue (FBR) on Monday invited proposals for indirect taxes from the business community for budget 2019/2020.

The FBR urged the business community to suggest measures for eliminating tax fraud, fake and flying invoices, and plugging loopholes in the tax system.

The tax body also asked to submit their proposals focusing on facilitating genuine taxpayers and making the procedure transparent.

The FBR has sought proposals in laws, including Sales Tax Act, 1990; Federal Excise Act, 2005; and Sales Tax Rules, 2006.

The FBR asked the business community that amendments should be suggested with a view to achieve simplification, remove difficulties and anomalies besides abolishing any outdated and obsolete provisions.

The revenue body further said the proposals should be made keeping in view the consequences for the other related trade groups, which might be adversely affected by the proposed measures. The FBR asked the business community, including chambers and associations to submit their proposals by February 22, 2019. The revenue body also asked its tax offices to send their proposals on the indirect taxes. The proposals should focus on broadening the tax base and increase in revenue.

Two days earlier, the FBR also invited the business community to send their customs-related proposals for the budget 2019/2020.