ISLAMABAD: The preparatory meeting on final draft of the budget for the upcoming fiscal year is going to be held today evening at Federal Board of Revenue (FBR) here.
The meeting is meant to give the budget final shape for the presentation before the both the houses of the parliament. Entry of visitors will be restricted; however, guests/visitors of chairman, members and chiefs are allowed with prior appointments only would be allowed in the FBR.
“All key members of the core committee of government on Finance and Revenue including Minister of State on Finance Rana Muhammad Afzal Khan, Special Advisor on Finance and Revenue Dr Miftah Ismail, Advisor on Revenue Haroon Akhtar Khan, Chairman FBR Tariq Mahmood Pasha, Member Inland Revenue Policy Dr Muhammad Iqbal, Member Inland Revenue Operation Habibullah Khan, Member Customs Muhammad Zahid Khokhar along with other relevant members will be part of the final deliberations on the final rate of customs and regulatory duties, taxes, and federal excise duty on different items of the import and export” an official source at FBR told Customs Today.
The source said that meeting would also deliberate on the budgetary proposals moved by different sectors and stakeholders; these proposals have been incorporated in the draft after thorough discussions. For achievement of the proposed revenue collection target for upcoming FY 2018-19 of Rs 4,450 billion FBR had sought input of budgetary measures required for next fiscal year.
The source said that budget proposals for sales tax and federal excise focused on broadening the tax base, legal changes in laws and increasing the revenue collection through new measures for 2018-19. The input/suggestions of field formations were discussed within the context of genuine contribution towards framing of broad-based and workable tax policy: improvement in tax laws; broadening of tax base for a wider participation in revenue generation efforts; enhancement of tax to GDP ratio; generation of revenue and facilitation of taxpayers.
While explaining different stages of budgetary preparations at FBR, the source said that at first stage administrative arrangements were prepared, assigning roles for preparation of budget, budgetary documents and their handling. Then chief coordinator budget, coordinator budget, deputy coordinator budget, chief security officer, deputy security officer (from administration & management) deputy coordinators budget (from line functions) and coordinators from PRAL, Legal Wing and others are nominated.
