ISLAMABAD, Jan 15: The Federal Board of Revenue (FBR) on Tuesday kicked up its budget exercise for the next financial year 2008-09 and sought proposals from stakeholders for bringing an improvement in the existing income tax laws, procedures and administration.

A letter has been sent to all chambers of commerce, tax bars associations and business organisations for submission of proposals and suggestions in black and white latest by Feb 10 for consideration in the up-coming budget.

An official announcement issued here said the primary purpose of this exercise is to improve and streamline the income tax laws, procedures and administration.

Considering commerce and industry as two vital sectors of the economy, the FBR has requested the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), all chambers of commerce and American Business Council to formulate their budget proposals regarding income tax for due consideration.

In another letter, addressed to the Institute of Chartered Accountants of Pakistan (ICAP) and all Tax Bar Associations, the FBR has requested them to forward their proposals aimed at improving Income Tax Ordinance, 2001, procedures and administration.The letter said that the professionals/tax advisors hold a vital position in our tax system and, therefore, FBR welcomes and values their suggestions.