Budget for 2020-21: Exemptions to go, rich to pay more taxes

The budget for 2020-21 would focus on six major areas, including phasing out of tax concessions and exemptions and higher incidence of taxes on affluent classes.

The FBR Wednesday asked chambers and federations to submit their income tax proposals for budget (2020-21) by February 7, 2020.

According to the FBR, the Board is currently engaged in formulation of proposals for the Finance Bill 2020. In order to benefit from the collective wisdom of all the stakeholders for the improvement of tax policy, proposals are invited for the upcoming budget 2020-21.

The input/suggestions in the said areas shall be highly appreciated as a genuine contribution towards framing of a broad based and workable tax policy. Broadening of tax base for a wider participation in revenue generation efforts, taxation of real income on progressive basis, phasing out of tax concessions and exemptions, removal of tax distortions and anomalies, facilitation of taxpayers and ease of doing business, and promoting equity in taxation by introducing measures where incidence of tax is higher on affluent classes are major areas. The areas identified above are just illustrative and not exhaustive.

It is requested that these proposals may be provided by 7th February, 2020. The proposals may also be emailed in MS Word/Excel format on the following e-mail addresses; [email protected] and [email protected].