ISLAMABAD, Jan 4 (APP): The Federal Board of Revenue (FBR) has formally initiated process for formulation of proposals for the budget of upcoming financial year 2017-18. Like in the past, the FBR has invited proposals from different stakeholders including chambers of commerce and industry, bodies of trade and industry, provincial bodies and regulatory authorities, official sources said. The proposals sent by these bodies would be considered for incorporation in the …
FBR invites tax proposals for upcoming budget
ISLAMABAD, Jan 4 (APP): The Federal Board of Revenue (FBR) has
formally initiated process for formulation of proposals for the
budget of upcoming financial year 2017-18.
Like in the past, the FBR has invited proposals from different
stakeholders including chambers of commerce and industry, bodies of
trade and industry, provincial bodies and regulatory authorities,
official sources said.
The proposals sent by these bodies would be considered for
incorporation in the upcoming Finance Bill.
The board has advised all the stakeholders to present their
proposals by January 15, 2015 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.
They have been asked to also mention rationale behind the
proposed amendment and expected revenue impact if that is
considered, the sources added.
The proposals have been formally sought from different
stakeholders including Federation of Pakistan Chambers of Commerce
and Industry Karachi, Chambers of Commerce of Industry Islamabad,
Lahore, Rawalpindi, Hyderabad, Quetta, Peshawar, Faisalabad,
Sialkot, Multan, Sukkur, Haripur, Lasbela, Gujranwala, Gujrat and
Karachi.
The FBR has also invited proposals from the Overseas Investors
Chamber of Commerce and Industry, Pakistan Business Council,
American Business Council of Pakistan, stock exchanges, Pakistan
United Retailers Association, National Clearing Company.
The FBR has also sent the invitation to All Pakistan Bar
Association, Institute of Chartered Accountants of Pakistan,
Institute of Cost and Management Accountants of Pakistan.
The stakeholders have been asked to send these proposals
through email in MS Word or Excel format for facilitation of the
board.
