Taxation

Budget consultative process to begin at FBR on Monday

Federal Board of Revenue (FBR) has started budget consultative process with chambers and trade bodies to take their input on budget proposals for 2019-20 and meetings would be held from Monday (April 1) here at the FBR House.

Sources told Business Recorder that presidents of different chambers/trade bodies would start meeting tax authorities from Monday (April 1). Presidents of Islamabad and Rawalpindi chambers would meet on coming Monday. Other chambers including Sialkot, Faisalabad, Gujranwala and Sukkhar, etc, are scheduled to meet tax authorities next week at the FBR House.

According to the letter of the FBR addressed to presidents of chambers and trade bodies, the budget exercise for 2019-20 has been initiated and process of formulation of budget proposals has to be completed in the context of current tax and economic practices in vogue. The Board has already invited budget proposals from all stakeholders; however, in view of the critical importance of the task it has been decided to hold meetings with the chambers and federations at the FBR House. This policy level interaction of trade bodes with FBR reflects seriousness of tax authorities in drafting viable budget proposals for 2019-20.

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