MULTAN: The Federal Board of Revenue has sought income tax proposals from Regional Tax Office including all field formations for the preparation of upcoming budget of fiscal year 2019-20.
The Federal Board of Revenue has been engaged in the formulation of proposals for finance bill 2019 and in order to benefit from the collective wisdom of all the stakeholders for the improvement of tax policy, proposals are invited for the upcoming budget 2019-20.
The Federal Board of Revenue has directed chief commissioners Inland Revenue Multan, Islamabad, Sargodha, Sialkot, Peshawar, Gujranwala, Hyderabad, Sahiwal, Sukkur, Abbotabad, Bahawalpur, Faisalabad, Rawalpindi, Quetta, Corporate Regional Tax Offices Karachi, Lahore and Large Taxpayer Unit (LTU) Karachi, Islamabad and Lahore. These stakeholders have been asked to provide income tax related proposals before March 5th 2019.
Government is making reforms in the tax policy and Regional Tax Offices have been asked to forward proposals for improvement in tax laws and the broadening of the tax base for a wider participation in revenue generation efforts.
The Federal Board of Revenue has directed tax offices to give recommendations on enhancement of tax to GDP ratio, generation of revenue. Tax Offices will also give suggestions for the facilitation of taxpayers and removal of tax distortions and anomalies from on-going tax system.
Suggestions from field formations of tax offices will assist Federal Board of Revenue in appreciating genuine contribution towards framing of broad based tax system for effective tax collection.
