ISLAMABAD: The Federal Board of Revenue (FBR) is currently engaged in the formulation of income tax proposals for Finance Bill 2022 including higher taxes on the affluent classes of the society. According to the FBR’s instructions to the businessmen and traders on Friday, the FBR has sought Income Tax Proposals for Budget 2022-23.

In order to benefit from the collective wisdom of all the stakeholders for improvement of tax policy, proposals are invited for the upcoming Budget 2022-23, the FBR said. Business community input/suggestions in the following policy areas shall be highly appreciated: 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; promoting equity in taxation by introducing measures where incidence of tax is higher on affluent classes. The areas identified above are just illustrative and not exhaustive.

It is requested that the proposals may be provided by 25th February 2022. The proposals may also be emailed in MS Word/Excel format, the FBR added.

Copyright Business Recorder, 2022