ISLAMABAD , February 16: The Federal Board of Revenue (FBR) has sought the budget proposals for the upcoming financial year (FY) 2016-2017 from its field officers as well as from other stakeholders, including the business community.
The proposals, regarding the General Sales Tax and Federal Excise Duty, have been sought through two letters, FBR wrote to its field officers and businessmen The department has set March 2 as a deadline for the submission of these proposals.
It has also asked that the proposals should be pro-revenue, and focus on broadening the tax base, and that amendments might be suggested with a view to achieve simplification, remove difficulties and anomalies and to abolish any outdated provisions.
“FBR would especially welcome proposals for eliminating tax fraud, fake and flying invoices, plugging loopholes, if any, facilitating genuine taxpayers and making the procedure transparent,” the FBR stated in the letters.
It added that the proposals should be put forward, keeping in view the consequences of these proposals for other related trade groups.-Agencies
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