Taxation

FBR kicks off fiscal year 2019: budget preparation exercise

The Federal Board of Revenue (FBR) has started the budget preparation exercise for next fiscal year (2018-19) and announced deadline of January 18, 2018 for submission of income tax budget proposals by the stakeholders. According to the FBR”s letters issued to the Pakistan Stock Exchange, chambers, federations, trade bodies, associations, CA firms and tax bar associations, etc, here on Thursday, the Federal Board of Revenue is engaged in formulation of proposals for Finance Bill, 2018. In order to benefit from the collective wisdom of all the stakeholders for the improvement of tax policy, the proposals are invited for the upcoming Budget 2018-19.

The input/suggestions shall be highly appreciated as a genuine contribution towards framing of broad-based and workable tax policy: improvement in tax laws; broadening of tax base for a wider participation in Revenue generation efforts; enhancement of tax to GOP ratio; generation of revenue and facilitation of taxpayers.

The areas identified are just illustrative and not exhaustive, the FBR maintained.

It is requested that in view of paucity of time, these proposals may be provided by January 18, 2018, as it may not be feasible to consider the proposals received after this timeline. The proposals may also be emailed in MS Word/Excel format on e-mail addresses: chief.itp@fbr.gov.pk; secy.itb@fbr.gov.pk; and ajazjoya@gmail.com.

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