FBR seeks budget proposals

KARACHI: The Federal Board of Revenue (FBR) advised all its offices to furnish pro-revenue budgetary proposals for the federal budget 2016-17 by March 02, 2016, a statement said on Monday.FBR said the proposals should focus on broadening the tax base and increase in revenue.

"The amendments may be suggested into Sales Tax Act 1991, Federal Excise Act 2005, Sales Tax Rules 2006, Federal Excise Rules 2005, Sales Tax Special Procedures Rules 2007, Sales Tax Special Procedures (Withholding) Rules 2007, Sales Tax Notifications/Circulars/ General Order/ Clarifications Rules and Federal Excise Notifications/Circulars/ General Order/ Clarifications Rules," the statement said. "Amendments may be suggested with a view to achieve simplification, remove difficulties and anomalies, and to abolish outdated/obsolete provisions."

It added that FBR will welcome proposals for eliminating tax fraud, fake and flying invoices and plugging loopholes.

The board also advised the Federation of Pakistan Chambers of Commerce and Industry, other chambers, American Business Council and stock exchanges to furnish their proposals for the upcoming budget.

“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,” said the statement.