The Central Board of Revenue (CBR) has started budget preparation exercise for the fiscal 2005-06 with the consultation of business community, trade and industry. The consultation with stakeholders and their involvement in the decision-making process will help the government in achieving the goal of good governance.
Sources told Business Recorder here on Wednesday that the CBR has asked the business community, chambers of commerce and industry, and collectors of sales tax to submit budget proposals pertaining to sales tax for the next financial year.
The sales tax budget exercise has been initiated in different areas, including simplification of law, amendment to Sales Tax Act, 1990 and sales tax rules/procedures; anti-evasion measures, reduction in litigation, withdrawal/review of exemptions, expanding tax-net and possibility of identification of new services to be brought under the GST net.
Recently, PM's Advisor on finance Dr Salman Shah has directed the tax authorities to explore better avenues for brining financial services into the tax-net.
The CBR has issued a directive to all collectors of sales tax to submit their budget proposals and specify the revenue impact and rationale behind the suggestions.
This year, the CBR has decided to give priority to the simplification of tax laws for making things easy for the business community. Chartered accountant firms, trade bodies and individuals sought clarification on various issues through the year. Clear and simple definitions/procedures will not only practically help the traders, but will also curtail tradition of issuing frequent clarifications by the CBR.
Last year, the CBR had given an option to the business community to en route their budget proposals through the special website ie www.cbr.gov.pk/budget. It is expected that the facility will continue in preparation of budget for 2005-06.
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