Monday, 15 April 2024

FBR called for income tax proposals for 2021/2022 budget

The Federal Board of Revenue (FBR) called for income tax proposals for the 2021/2022 budget and asked stakeholders to submit the same by February 15, 2021.

The FBR has asked suggestions from the tax offices including Large Taxpayer Offices (LTOs), Medium Tax Offices (MTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) as well as traders and industries. It has also been told that attention should be paid to expanding the proposals. Tax base for widespread participation in revenue generation efforts.

Stakeholders are also asked to come up with a proposed proposal that includes relevant sections / clauses or rules where amendment is sought. Suggestions regarding any section of the Income Tax Ordinance 2001 or any principle of the Income Tax Rules 2002 should be presented with rationality and effect of revenue.

Federal Board of Revenue (FBR) said it is currently engaged in the formulation of proposals for the Finance Bill 2021. In order to benefit from the collective wisdom of all the stake-holders for improvement of tax policy, proposals invited for the upcoming Budget 2021-22.

FBR asked to provide the 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.”


FBR requested that the proposals may be provided by 15thFebruary, 2021. The proposals email in MS Word/Excel on the following e-mail addresses:

See also  FBR Issues Circular for Tax Recovery Procedures From Cooperative Housing Societies

FBR invited suggestions vide letter No C.No.4(72)IT-Budget/2015-6255-R dated: January 13, 2021.

Source | Federal Board of Revenue | FBR | Budget |

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