ISLAMABAD: The Federal Board of Revenue (FBR) has started formulation of sales tax and federal excise measures for the budget 2016-17.
A circular issued on Monday said the FBR will entertain proposals regarding federal taxes from all taxpayers, including industry and associations, till March 2, 2016. It also sent letters to 21 chambers of commerce and industries. Proposals are also being sought from the subsidiary and line departments of the FBR.
The FBR said proposals should focus on pro-revenue measures, broadening of tax base and increase in revenue.
Amendments can also be proposed in sales tax act 1990, federal excise act 2005, sales tax rules, 2006, federal excise rules 2005, sales tax special procedure rules, 2007, sales tax notifications/circulars/general order/clarifications/rules.
The amendments can be suggested with a view to achieve simplification, remove difficulties and anomalies, and to abolish any outdated/obsolete provisions. FBR will specially welcome proposals for eliminating tax fraud, fake and flying invoices, plugging loopholes if any, facilitating genuine taxpayers and making the procedures transparent.
EDB’s budget exercise: The Engineering Development Board (EDB) has initiated a competitiveness and efficiency improvement exercise for budget year 2016-17, based on several parameters including rationalising tariff structure.
The EDB has asked the industries and other concerned stakeholders to prepare their budget proposals with concrete justifications and send them as per the performa, available at EDB’s website by Feb 22.
Published in Dawn, February 16th, 2016