FBR seeks sales tax proposals for upcoming budget

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ISLAMABAD, Jan 10 (APP): The Federal Board of Revenue (FBR)
has invited pro-revenue proposals relating to Sales Tax and Federal
Excise for the upcoming budget for the Fiscal Year 2017-18.
The board has advised all the stakeholders to send their
proposals to FBR as soon as possible and by January 31, 2017.
The proposals have been sought from the chambers of commerce
and Industry as well as from field offices of FBR, according to
official sources.
“The budgetary proposals should be pro-revenue and should
focus on broadening the tax base and increase in revenue,” sources
added.
The stakeholders can suggest amendments in Sales Tax Act 1990,
Federal Excise Act 2005, Sales Tax Rules 2006, Federal Excise Rule
2005, Sales Tax Special Procedure Rules 2007, Sales Tax Special
Procedure (Withholding) Rules 2007, Notifications, Circulars,
General Order, Clarifications or rules related to Sales tax and
Federal Excise.
The amendments may be suggested with a view to achieve
simplification, remove difficulties and anomalies, and to abolish
any outdated or obsolete provisions.
“The FBR would specially welcome proposals for eliminating tax
fraud, fake and flying invoices, plugging loopholes if any,
facilitating genuine taxpayers and making the procedures
transparent,” the sources added.
The FBR has also advised that the proposals should be made
keeping in view the consequences for the other related trade groups
which might be adversely affected by the proposed measures.
Earlier during the beginning of this month, the FBR initiated
process for formulation of proposals for the budget of upcoming
financial year 2017 18.
The board had invited Income Tax proposals from different
stakeholders including chambers of commerce and industry, bodies of
trade and industry, provincial bodies and regulatory authorities,
official sources said.
The date for submitting Income Tax proposals has been fixed on
January 15, 2017 to ensure timely compilation and consideration for
their incorporation in the bill.
The FBR has invited budget proposals in a format, which should
explain the financial impact of a proposal or an amendment that is
to be incorporated in the existing law.
According to the format, the stakeholders have been asked to
properly mention the relevant section or schedule of the Ordinance,
the existing law and the proposed amendment.