ISLAMABAD: The Federal Board of Revenue is likely to seek stakeholders input on a major policy shift in the new taxation measures for the next budget (2014-15) by sharing key features of Finance Bill including legal/procedural changes in federal tax laws during March-April 2014.
As per details, the Federal Board of Revenue (FBR) wants the major policy shift during finalisation of new taxation measures for 2014-15 and will discuss the idea with the Finance Ministry for necessary approval.
The FBR is likely to propose to the Finance Ministry sharing key taxation measures in sales tax, income tax and federal excise duty with the business and trade before budget announcement.
The exercise will enable the board to have input on major taxation measures and legal/procedural changes in federal tax laws two months prior to passage of the Finance Bill by the Parliament. It will also provide the FBR with time to review reaction of the business community on measures to be announced in budget. By sharing key features of major changes in tax laws, the tax authorities will be enable to take into account technical and legal input of stakeholders and re-draft their budget proposals.
The FBR has also given a broader guideline on the exemption notifications to the Prime Minister’s committee reviewing the SROs. The FBR has also asked the stakeholders to give their input on certain SROs. The business community would give their input on customs SROs including SRO 567, SRO 565, SRO 575, SRO 678, SRO 655, SRO 656, SRO 809 and SRO 693. Sales tax SROs including SRO 727, SRO.1125, SRO.549, SRO.575, SRO 551, SRO.69, SRO 501 and SRO 670 and all SROs of income tax.