KARACHI: Federal Board of Revenue (FBR) on Tuesday invited income tax proposals from business community for budget 2019-2020.
In a notification, the FBR said that it was engaged in formulation of proposals for Finance Bill, 2019.
In order to benefit from collective wisdom of all the stakeholders for the improvement of tax policy, proposals are invited for the upcoming budget 2019-2020.
The FBR invited Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and other 31 chambers and association to give their inputs in formulation of income tax proposals for the budget.
The FBR said that the proposals should focus on:
i. improvement in tax laws;
ii. Broadening of tax base for a wider participation in revenue generation efforts;
iii. Enhancement of tax to GDP ratio;
iv. Generation of revenue;
v. Facilitation of taxpayers; and
vi. Removal of tax distortions and anomalies.
The FBR said that the tax proposals should be submitted by March 05, 2019.