The Federal Board of Revenue (FBR) has asked the investors, businessmen, chambers, and trade bodies to submit income tax budget proposals for 2021-22 by February 15, 2021, covering areas of broadening the tax base; ease of doing business; withdrawal of tax concessions and exemptions and removal of tax distortions and anomalies.
In this connection, the FBR has written letters to Overseas Investors, Chamber of Commerce & Industry, Karachi; Pakistan Business Council (PBC); Institute of Chartered Accounts of Pakistan (ICAP); associations and all chambers, federation and traders bodies here on Wednesday on the income tax budget proposals for 2021-22.
According to the FBR, the Federal Board of Revenue is currently engaged in the formulation of proposals for the Finance Bill 2021. In order to benefit from the collective wisdom of all the stake-holders for the improvement of tax policy, proposals are invited for the upcoming Budget 2021-22.
The business community’s input/suggestions in the following policy areas shall be highly appreciated:
- Broadening of the tax base for wider participation in revenue generation efforts;
- Taxation of real income on a progressive basis;
- Phasing out of tax concessions and exemptions;
- Removal of tax distortions and anomalies;
- Facilitation of taxpayers and ease of doing business;
- Promoting equity in taxation by introducing measures where the incidence of tax is higher on affluent classes.
The areas identified above are just illustrative and not exhaustive, FBR said.
The FBR has requested that the proposals may be provided by 15th February 2021. The proposals may also be emailed in MS Word/Excel format at the following e-mail address on [email protected]