The Federal Board of Revenue (FBR) has convened its first meeting to discuss the budget proposals and their revenue implications for the next fiscal year (2022-23).
Sources told Propakistani that the FBR’s budget meeting was chaired by the FBR Chairman Dr. Muhammad Ashfaq Ahmed at the FBR headquarters Monday evening. The meeting was attended by the senior tax policy officials of the Inland Revenue and Customs. The budget proposals were mainly related to income tax, sales tax, and federal excise duty (FED).
The FBR Chairman was briefed on the initial sketch of the taxation proposals and relief measures for the next federal budget (2022-2023). Each proposal was submitted with its revenue impact (positive or negative) and revenue generation through enforcement and administrative measures. “These are merely income tax and sales tax/FED related proposals based on the FBR’s internal working and nothing is final in this regard,” sources clarified.
The FBR discussed proposals on tariff rationalization, changes in the sales tax regime, point of sales (POS), income tax/withholding taxes rates, relief measures to various sectors, documentation of the economy, and withdrawal of the remaining exemptions.
The proposals would be submitted before the Finance Minister on his return from the US, sources added.