ISLAMABAD: The Federal Board of Revenue (FBR) has initiated the process of gathering tax proposals from all stakeholders for consideration in the upcoming budget for the fiscal year 2024-25.
Three different notifications were issued on Thursday to solicit feedback from all taxpayers, including chambers of commerce and industries, associations, and trade bodies. All proposals should reach the FBR by March 11, 2024.
The proposals may suggest amendments to the income tax ordinance, sales tax act, federal excise act, and customs act.
According to the notifications, the proposals may focus on coping with any tax avoidance, leakages, broadening of the tax base, removal of any procedural lapses, removal of difficulties and anomalies, abolishing any outdated or obsolete provisions, simplification of the laws and rules, and tax facilitation.
The FBR further stated that the proposals are expected to be clear, meaningful, and implementable through further amendments to the laws, taking into consideration all stakeholders, including trade groups that may be adversely affected by the proposed measures.
Published in Dawn, February 23rd, 2024
