FY20 Budget: FBR seeks taxation proposals from taxmen, traders

The Federal Board of Revenue (FBR) has sought taxation proposals from chief commissioners/ collectors and business community for the next fiscal budget (2019-20), covering broadening the tax base, increase in revenue, removing anomalies and eliminating tax fraud. The FBR has issued instructions for the field formations and business community Monday on the federal budget (2019-20).
According to the FBR, the Board has invited customs related budget proposals for the year 2019-20. These proposals may cover three areas, ie, changes in Customs Tariff rates, rules/procedures and Customs Act, 1969. In order to enable the Customs Wing of the Federal Board of Revenue (FBR) to properly process and evaluate each proposal, three separate formats have been given for preparing the proposals on MS Excel Sheets. It is suggested that while formulating the proposals, provision of the existing customs tariff rates/law may carefully be studied/consulted. Wherever required, the proposal may be supported with the statistical data etc, so that it is not dropped on account of any such infirmity.
In case of local manufacturer claiming tariff protection on its finished product(s) or concession on its raw materials, the relevant data be provided.
It is requested that the proposals may be sent to the Board by February 28, 2019 positively through e-mail secretary at [email protected] followed by hard copies, the FBR added. The FBR has also issued instructions to the business community on budget 2019-20 - proposals for the sales tax & federal excise budget.
The FBR has invited the proposals for the coming Budget for FY 2019-20 relating to Sales Tax & Federal Excise, on the following broad parameters:
The proposals should focus on broadening the tax base and increase in revenue and amendments may be suggested in any of following laws/rules etc: Sales Tax Act, 1990; (b) Federal Excise Act, 2005; Sales Tax Rules, 2006; Federal Excise Rules, 2005; Sales Tax Special Procedure Rules, 2007; Sales Tax Special Procedure (Withholding) Rules, 2007; Sales Tax Notifications/ Circulars/General Order/ Clarifications/Rules and Federal Excise Notifications/ Circulars/ General Orders/ Clarifications/ Rules.
The FBR has asked business community that the 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may be suggested with a view to achieve simplification, remove difficulties and anomalies, and to abolish any outdated/obsolete provisions.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; and 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.
According to the FBR instructions to field formations, the FBR has invited the proposals for the coming budget for FY 2019-20 relating to Sales Tax and Federal Excise, on the following broad parameters. The proposals should focus on broadening the tax base and increase in revenue.
Amendments may be suggested in any of following law/rules etc: Sales Tax Act, 1990; Federal Excise Act, 2005; Sales Tax Rules, 2006; Federal Excise Rules, 2005; Sales Tax Special Procedure Rules, 2007; Sales Tax Special Procedure (Withholding) Rules, 2007; Sales Tax Notifications/ Circulars/General Order/ Clarifications/Rules and Federal Excise Notifications/ Circulars/General Orders/ Clarifications/Rules.
The FBR said that the 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 and 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.