ISLAMABAD: The Federal Board of Revenue (FBR) has sought income tax proposals for the Finance Bill 2022 from all the stakeholders.
“To benefit from the collective wisdom of all the stakeholders for improvement of tax policy, proposals are invited for the upcoming budget 2022-23,” said FBR in a notification while seeking income tax proposals for budget 2022-23.
The FBR has 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. Earlier, the FBR had issued a letter to all Chambers of Commerce and Industry seeking customs-related budget proposals for 2022-23.
According to the FBR, the Board invites customs-related budget proposals for the year 2022-23. These proposals may cover three areas i.e. changes in Customs Tariff rates, Rules/Procedures and Customs Act, 1969.
The FBR has directed that input/suggestions in the following policy areas shall be highly appreciated in broadening the tax base for a wider participation in revenue generation efforts and taxation of real Income on progressive basis. The recommendations should be related to the phasing out of tax concessions and exemptions and removal of tax distortions and anomalies.
The FBR has suggested that while formulating the proposals, provision of the existing customs tariff rates/law may carefully be studied/consulted. Wherever required the proposal may be supported with the statistical data etc, so that it is not dropped on account of any such infirmity.
The federal government would present the annual budget for next fiscal year 2022-23 in the first week of June. The ministries and divisions have been asked to submit proposed budget estimates of current and development expenditure by 15th March, 2022, whereas, budget review committee’ meetings will begin their process in the last week of March, 2022.
