Covid-19 threat: FBR takes stakeholders' budget proposals thru video conferencing

The Federal Board of Revenue (FBR) has taken input of stakeholders seeking budget proposals of business associations and chambers/trade bodies including the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Pakistan Business Council (PBC) through video conferencing for timely completion of budget exercise for 2020-2021.

This is the first time that the process is being executed at the FBR House without direct physical interaction with the business community as part of extraordinary measures being taken to control coronavirus outbreak.

The FBR policy wings of the Inland Revenue and the Customs are in the process of seeking budget proposals from industry and trade through internet or video conferencing and use of other electronic tools available for interactive sessions.

The budget preparation exercise is at its peak during the Covid-19 lockdown at the FBR House.

This year, no meeting has been convened with direct physical interaction with business and trade representatives.

The budget consultative process for 2020-2021 with the business community has been carried out through video conferencing.

The FBR has also discussed budget proposals with the chief commissioners and collectors of Customs through video conferencing to timely finalise proposals.

The chief commissioners and collectors of Customs have shared their budget proposals with the FBR through email, and discussions took place on phone or video conferencing etc.

On Wednesday, budget makers at the Policy Wing of the FBR held online meeting with Arif Habib Dolmen REIT seeking their input on budget proposals for 2020-2021.

The FBR has also held meetings with the PBC and the American Business Council on budget proposals for 2020-21 through video conferencing.

The FBR has also convened meetings with the chambers and trade bodies including the Karachi Chamber across the country through electronic means.

However, tax authorities are attending important budget meetings at the Ministry of Finance and the Ministry of Commerce like Tariff Policy Board (TPB).

Senior officials of the Securities and Exchange Commission of Pakistan (SECP) visited the FBR House to discuss budget proposals relating to the corporate sector.