ISLAMABAD: The Federal Board of Revenue (FBR) has invited pro-revenue proposals relating to sales tax and federal excise duty for the upcoming budget for fiscal year 2017-18.
The board has asked all stakeholders to send their proposals by the end of current month. The recommendations have been sought from the chambers of commerce and industry as well as from field offices of the FBR, according to officials.
“Budgetary proposals should be pro-revenue and should focus on broadening the tax base and increase in revenue collection,” an official said.
The stakeholders could suggest amendments to the Sales Tax Act 1990, Federal Excise Act 2005, Sales Tax Rules 2006, Federal Excise Rules 2005, Sales Tax Special Procedure Rules 2007, Sales Tax Special Procedure (Withholding) Rules 2007, notifications, circulars, general order, clarifications or rules related to sales tax and federal excise duty, they said.
Amendments may also be suggested for simplification, removal of difficulties and anomalies and doing away with the out-dated or obsolete provisions, if any.
The FBR would welcome suggestions for eliminating tax fraud, fake and flying invoices, plugging loopholes, if any, facilitating genuine taxpayers and making procedures transparent, the officials said.
The FBR has advised that the proposals should be made keeping in view the impact on other related trade groups, which may be harmed by the proposed measures.
Earlier at the beginning of the month, the FBR had initiated the process of formulating budget proposals for fiscal year 2017-18.
It invited income tax proposals from different stakeholders including chambers of commerce, trade bodies, provincial bodies and regulatory authorities.
The date for submitting the proposals has been set at January 15 in order to ensure their timely compilation and consideration for potential incorporation into the finance bill.
The FBR has invited the proposals in a format, which should explain the financial impact of a proposal or an amendment that may be incorporated into the existing law.
