The Federal Board of Revenue (FBR) has formally invited suggestions and proposals for preparing the upcoming Budget 2017-18. The last date to submit these proposals is January 15, 2015.
The board has invited suggestions of stakeholders from chambers of commerce and industry, provincial bodies, bodies of trade and industry and regulatory authorities in this regard.
Per FBR’s instructions, the stakeholders are required to explain the financial impacts of their proposals. The proposal format, as instructed by FBR, should also mention relevant sections of the ordinance, the existing law, and the proposed amendment. In addition to that, the proposal must also be submitted along with the rationale for the proposed amendment and the expected financial impact on the national exchequer.
Delving deeper into details, I came to know that the FBR has invited proposals from the Federation of Pakistan Chambers of Commerce and Industry Karachi, Overseas Investors Chamber of Commerce and Industry, Pakistan United Retailers Association, Pakistan Business Council, National Clearing Company of Pakistan Limited, American Business Council of Pakistan, Pakistan Bar Council, Institute of Cost and Management Accountants of Pakistan and Institute of Chartered Accountants of Pakistan.
By inviting proposals and suggestions from the concerned bodies, the FBR is keeping its tradition alive, which is followed each year for the preparation of the annual budget. Budget preparation isn’t an easy task and several legal, economic, and financial aspects are considered before a suggestion is approved.
On behalf of the real estate sector, I must say that taxes related to the property sector should be revised by keeping in mind that property investors and buyers can choose to stay idle if they find the property tax a little too burdensome. In addition to introducing a friendly tax policy for different industries in the country, FBR should also fulfil its promise of revising the valuation tables it released on July 1, 2016 to collect property taxes.
Let’s hope that the Budget 2017-18 will prove to be favourable for the denizens of the country as well as the national exchequer.
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Kindly next fiscal budget for the year 2017-18 include all employees salaries equal no difference between employees i.e Sindh Secretariat employees received utility allowance, self hiring and govt provide conveyance buses points and giving the conveyance allowance each and giving medical insurance about difference between grade 17 secretariat side 20 thousand difference between secretaiat side and non secretariat side please we are all pakistani kindly consider. and one request since from 30 years the computer allowance is not increased non gazeted 1to 15 grade is Rs. 75/= pm and 17 to 22 is 1500 this is unjustice computer workers eyes very week day night work for govt kindly consider need for right of IT related field.
Thanks