The Federal Board of Revenue has requested the Law and Justice Division to depute experienced draftsmen at the FBR House from May 24-25, 2012 for vetting of the Finance Bill (2012-13) covering new taxation measures to be announced in the federal budget on May 25, 2012.
Sources told Business Recorder here on Tuesday that the FBR has issued a letter dated April 24, 2012 to the Law and Justice Division for vetting of the budget documents. According to the FBR, the federal budget 2012-13 has been scheduled to be announced on May 25, 2012. It is therefore, requested that the concerned officials of the Law and Justice Division should visit FBR House on May 24, 2012 and remain available in the FBR till announcement of budget speech on May 25, 2012.
Through a budget circular number 1 of 2012 issued here on Tuesday, the FBR has informed the tax officials engaged in the budget exercise that the summary for the Cabinet would include summary of each new taxation measures, revenue effect of each tax measure, aggregated revenue effect and other details, if any.
The summary for the Cabinet would be compiled in the FBR's Composing Room under the personal supervision of the Co-ordinator/Deputy Co-ordinator Budget. All sections involved in the budget exercise should ensure smooth functioning of their computer equipments in co-ordination with the Pakistan Revenue Automation Limited (Pral) and convey their requirements of computer stationary etc to the concerned Administration Section well in advance, budget circular added.