Assuaging the upshot of anticipated revenue shortfall mainly because of oil price decline in current fiscal year, the Federal Board of Revenue (FBR) has adopted a wary approach and appears reticent to espouse friendly budget for next financial year; it is learnt on Saturday.
According to sources, the FBR has sought proposals for Budget 2015-16 through a circular 1/93-STB/2015. "In circular's preamble, the board has browbeaten all Pakistan Tax Bar Association and other accountants' institutes to propose only 'pro-revenue budget' for next financial year," sources said.
They said the FBR has also restricted the associations and institutes to remain meticulous only for broadening of tax base instead of tax exemptions.
Moreover, sources said that the board through the circular has asked for suitable amendments, suggesting revenue authority how simplification could be achieved in taxation laws.
Replying to a question, sources said the FBR would consider budget proposals on the basis of revenue impact, hence it has been requested to delineate the revenue impact of draft proposed amendments.
They said that recommendations for removing anomalies and difficulties from taxation procedures were also requested, adding that board has also sought suggestions in relation to the abolishment of any outdated/obsolete provision from taxation laws.
Furthermore, sources said the board would also welcome proposals that ameliorate taxation system by plugging revenue leakage, which would help alleviate genuine taxpayers.
They said the circular also urged that proposals should be made keeping in view the consequences for the other related trade groups which might be adversely affected by the proposed measures.
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