The Federal Board of Revenue (FBR) has asked foreign investors and top multinational companies to submit their budget proposals (2024-25) for removal of difficulties and anomalies in federal tax laws.
The FBR has given a deadline of March 11, 2024, to the field formations and business community to submit its budget proposals for the next fiscal year.
According to the FBR’s directive to business and trade on Thursday, the FBR has invited budget proposals for the upcoming budget for 2024-25 relating to Income Tax, Sales Tax, Federal Excise Duty, and ICT (Tax on Services) Ordinance, 2001.
The proposals, if any, may encompass the following bro parameters/ areas:- (i); The proposals may suggest amendments to the Income Tax Ordinance, 2001; Sales Tax Act 1990; Federal Excise Act 2005 and ICT (Tax on Services) Ordinance 2001.
The proposals may focus on coping with any tax avoidance/ leakages, broadening the tax base, removal of any procedural lapses, removal of difficulties and anomalies, abolishing any outdated/obsolete provisions, simplification of the laws and rules, and taxpayer facilitation.
The proposals are expected to be clear, meaningful and implementable through further amendments to the laws having regard to all stakeholders, including the trade groups; which may adversely be affected by the proposed measures.
The proposals may focus on coping with any tax avoidance/ leakages, broadening the tax base, removal of any procedural lapses, removal of difficulties and anomalies, abolishing any outdated/obsolete provisions, simplification of the laws and rules, and taxpayer facilitation.
New ideas to raise equitable revenue for untapped/undertaxed areas/ sectors, FBR added.
It is requested that proposals be provided by March 11, 2024.