Lahore: The Federal Board of Revenue (FBR) recently asked all ‘chambers and federations’ to submit their income tax proposals for the budget (2020-21) by February 7 — a news source reported. As per the publication, the tax authority further revealed that the said budget would focus on six major factors; which include measures to phase out tax concessions, and exemptions and higher taxes for people categorized in the high-income brackets.
According to the information available, the FBR is currently working on proposals for the Finance Bill 2020. The invitation for proposals is expected to help provide useful suggestions that will be required for framing a broad-based, workable tax policy. Other areas of focus include broadening of tax base for a wide participation in revenue generation efforts, progressive taxation on real income, and phasing out tax concessions and exemptions. It will also include the removal of tax distortions and anomalies, facilitation of taxpayers, and ease of doing business.
The invitation further mentions that the various budget proposals to FBR are to be emailed in either MS Word or Excel format to one of the following websites: chief.itp@fbr.gov.pk and secy.itb@fbr.gov.pk.
