Money bill on the cards

The government may bring a money bill in February 2020 for technical corrections and legal amendments to the federal tax laws, but it would not raise any existing tax rates or impose new taxes.

A senior FBR official told Business Recorder here on Thursday that there is no proposal to bring mini-budget in Feb 2020. There is no proposal under consideration to increase or impose new taxes in second half of 2019-20. He added that the general masses are already over-burdened with taxation and inflation and they cannot afford any further raise in taxes.

However, the government may bring a money bill in Feb 2020 for technical corrections in the Income Tax Ordinance, the Sales Tax Act, the Federal Excise Act and Customs Act. However, the FBR would continue with the measures to encourage documentation of economy, the senior FBR official added.