FBR initiates 'budget exercise'

The Federal Board of Revenue (FBR) has initiated budget exercise for 2008-09 fiscal and sought proposals from chambers, tax bars and business organisations for bringing improvement in the existing income tax laws, procedures and administration.
A letter, addressed to various organisations, said the exercise had been initiated to improve and streamline the income tax laws, procedures and administration.
The FBR requested the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), all chambers of commerce and industry and American Business Council to formulate their budget proposals regarding income tax and forward them to the Board by February 10 for consideration.
In a separate letter, addressed to the Institute of Chartered Accountants of Pakistan (ICAP) and all tax bar associations, the FBR requested them to forward their proposals, aimed at improving Income Tax Ordinance, 2001, procedures and administration.
The FBR added that the professionals/tax advisors held a vital position in our tax system and, therefore, the tax authorities welcomed and valued their suggestions. The FBR further requested them that the suggestions they might have with regard to mobilisation of more revenues and for improvement of the income tax laws, procedures and administration could be sent to the Board by February 10 for necessary consideration.