ISLAMABAD: The Federal Board of Revenue (FBR) is going to defend its stance on recently announced tax amnesty scheme, budgetary proposals for the financial year 2018-19 and other plans before the National Assembly Standing Committee on Finance and Revenue on Monday.
Most likely, FBR Chairman Tariq Mahmood Pasha along with his core team, including Dr Muhammad Iqbal, Member Customs Muhammad Zahid Khokhar and Member FATE Nausheen Javaid Amjad, will brief the committee on recent achievements of the FBR.
Official sources told Customs Today that, on January 4 this year, the FBR sought proposals from all the stakeholders for upcoming Budget 2018-19, urging that the suggestions must reach the board by January 18.
The board requested the stakeholders to give their input and suggestions in a specific format developed by FBR for improvement in tax laws, broadening of tax base for wider participation in revenue generation efforts, enhancement of tax to GDP ratio, generation of revenue and facilitation of taxpayers.
Prior to this practice, the source said that FBR initiated Customs Budget exercise for FY 2018-19 in which the Customs Budget section asked all stakeholders to send their budget proposals latest by 31st January through e-mail. In order to enable Custom Wing to properly process and evaluate each proposal, three separate formats were attached for the submission of clear and tangible proposals.
Furthermore, the source said that FBR has planned a framework in the budgetary proposals to ensure 15% growth in revenue collection in 2018-19; therefore, FBR would elaborate proposed measures before the NA body. The FBR expects to collect around Rs3,900 billion by end of this fiscal year on June 30, which would be almost twice than 2013.
The source further said that some changes in the tax rates especially in withholding tax (WHT) had also been proposed in the budgetary proposals for the upcoming fiscal year. These changes include enhancing WHT rates for non-filers as well as extending the scope of withholding taxes to a maximum number of sectors.
