Islamabad: The Federal Board of Revenue (FBR) has invited proposals from stakeholders for inclusion in the budget 2019-20, a news source reported. FBR has requested for the submission of these recommendations by February 22.
As per the tax authority, all proposals should focus on broadening the tax base and increasing revenue collection. Suggestions for amendments in tax laws, rules, and notifications have also been welcomed.
According to the FBR’s guidelines, stakeholders should base their proposals on eliminating anomalies and difficulties within the existing tax framework. This will be helpful in abolishing outdated and obsolete provisions in the law. Additionally, the proposals must include a revenue-impact report of the suggested changes.
With these proposals, the FBR seeks to reduce tax fraud and the frequency of fake and flying invoices. Getting rid of certain loopholes in the law will facilitate genuine taxpayers, and pave the way for transparent procedures.
The Board has also requested stakeholders to prepare the proposals while keeping in mind the plight of related trade groups. The proposed changes should not adversely impact them.
