The Federal Board of Revenue (FBR) has started preparations for the formulation of proposals for the 2019 finance bill and has asked all relevant stakeholders to submit income tax proposals.
“To benefit from the collective wisdom of all the stakeholders for the improvement of tax policy, proposals are invited for the upcoming budget 2019-20,” said FBR in a statement.
The Federation of Pakistan Chambers of Commerce and Industry president and all other stakeholders have been asked to provide income tax related proposals by Mach 5, 2019.
They can give proposals for improvement in tax laws and the broadening of the tax base for a wider participation in revenue generation efforts.
Recommendations on enhancement of tax to GDP ratio, generation of revenue, facilitation of taxpayers and removal of tax distortions and anomalies have also been invited.
The FBR has dispatched a letter to the FPCCI and all chambers of commerce and industries of big cities, including Islamabad, Lahore, Rawalpindi, Hyderabad, Quetta, Peshawar, Faisalabad, Sialkot, Multan, Sukkur, Haripur, Lasbela, Gujranwala, Bahawalpur, Gujrat and Karachi.
The Pakistan Business Council, American Business Council of Pakistan, Pakistan Small Chamber of Commerce and Cottage Industry, All Pakistan Bar Association, Institute of Chartered Accounts of Pakistan, Pakistan Tax Bar Association and Pakistan Weaving Mills Association have also been asked to compile income tax proposals.