FBR asks business community to suggests measures to stop tax fraud

ISLAMABAD: Federal Board of Revenue (FBR) has asked business community to suggest measures for eliminating tax fraud, fake and flying invoices, plugging loopholes in the tax system.

 

 

 

The FBR on Monday invited proposals for indirect taxes from business community for the budget 2019/2020.

The FBR said that the proposals should focus on broadening of tax base and increase in revenue.

It said that amendments may be suggested in any of following laws/rules etc:

a. Sales Tax Act, 1990

b. Federal Excise Act, 2005

c. Sales Tax Rules, 2006

d. Federal Excise Rules, 2005

e. Sales Tax Special Procedure Rules, 2007

f. Sales Tax Special Procedure (Withholding) Rules, 2007

g. Sales Tax Notifications/Circulars/General Orders/Clarification/Rules

h. Federal Excise Notifications/Circulars/General Orders/Clarifications/Rules

The FBR said that amendments may be suggested with a view to achieve simplification, remove difficulties and anomalies, and to abolish any outdated or obsolete provision.

It said that wherever possible a draft proposed amendment/procedure should be enclosed along with revenue impact.

The FBR said that proposals should be made keeping in view the consequences for the other related trade groups which might be adversely affected by the proposed measure.

The business community has been advised to submit their proposals to the FBR by February 22, 2019.

The FBR said that the proposals should focus on facilitating genuine taxpayers and making the procedure transparent.

The FBR has sought proposals in laws, included: Sales Tax Act, 1990; Federal Excise Act, 2005; Sales Tax Rules, 2006 etc.

The FBR asked the business community that amendments should be suggested with a view to achieve simplification, remove difficulties and anomalies besides abolishing any outdated and obsolete provisions.

The revenue body further said that the proposals should be made keeping in view the consequences for the other related trade groups which might be adversely affected by the proposed measures.

The FBR asked the business community including chambers and associations to submit their proposals by February 22, 2019.

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