The Federal Board of Revenue (FBR) has asked Large Taxpayer Units (LTUs), Regional Tax Offices (RTOs) and trade bodies/chambers and associations to submit sales tax and Federal Excise Duty (FED) budget proposals (2016-17) keeping in view the consequences for other related trade groups which might be adversely affected by the proposed measure.
In this regard, the FBR has issues instructions to the field formations here on Monday on budget 2016-17 proposals for the sales tax & federal excise budget. According to the FBR, budget proposals are invited for the coming Budget for FY 2016-17 relating to sales tax & federal excise, on the following broad parameters:
Firstly, the budgetary proposals should be pro-revenue. The proposals should focus on broadening the tax base and increase in revenue; amendments may be suggested in any of following law/rules etc: (a) Sales Tax Act, 1990; (b) Federal Excise Act, 2005,
(c) Sales Tax Rules, 2006, (d) Federal Excise Rules, 2005; (e) Sales Tax Special Procedure Rules, 2007; (f) Sales Tax Special Procedure (Withholding) Rules, 2007; (g) Sales Tax Notifications/Circulars/General Order/Clarifications/Rules; (h) Federal Excise Notifications/Circulars/General Orders/Clarifications/Rules.
The FBR said that amendments may be suggested with a view to achieve simplification, remove difficulties and anomalies, and to abolish any outdated/obsolete provisions; wherever possible a draft proposed amendment/procedure may be enclosed along with revenue impact.
The FBR would specially welcome proposals for eliminating tax fraud, fake & flying invoices, plugging loopholes if any, facilitating genuine taxpayers and making the procedures transparent. The proposals should be made keeping in view the consequences for the other related trade groups which might be adversely affected by the proposed measure. It is requested that the requisite proposals may be sent to the Board as soon as possible, latest by 2nd March, 2016, the FBR added.
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