KARACHI: The Ministry of Finance is mulling over to eliminate Slab-1 in the upcoming budget for the fiscal year 2015-16, it is learnt here.
The sources informed Customs Today that the Federal Board of Revenue (FBR), in its budget proposals, has recommended the Ministry of Finance to eliminate the Slab-1, as the government will get additional revenue in case of eliminating the Slab-1 of the tax tariff.
It is pertinent to mention here that currently six slabs of tax collection are being existed including Slab-1, Slab-5, Slab-10, Slab-15, Slab-20 and Slab-25.
The sources informed this scribe that the Finance Ministry in its budgetary measures would likely to eliminate the Slab-1 while consultation with the other stakeholders including the office-bearers of Karachi Chamber of Commerce and Industry (KCCI), Federal Pakistan Chamber of Commerce and Industry (FPCCI) and others is being continued. However; final decision in this regard would be taken after the proper consultation, so that consensus could be made in finalizing the budget proposals.
“It is imperative to eliminate the Slab-1 in the upcoming budget, as elimination of the said Slab would depict a positive effect on the revenue collection”, sources added.
When contacted, Model Customs Collectorate (MCC) Appraisement-West Muhammad Saleem said that it is too early to comment on budgetary measures taken by the authorities concerned of Ministry of Finance.
Collector-MCC Appraisement-West Muhammad Saleem further said that the Federal Board of Revenue (FBR) will present the budget proposals before the ministry of finance by the mid of May 2015 after the government would decide the final date of submission the budget proposals for the upcoming budget.
