ISLAMABAD: Federal Board of Revenue (FBR) on Friday invited income tax proposals for budget 2022/2023 in order to improve tax policy.
The FBR said that it was engaged in formulating proposals for the Finance Bill 2022. “In order to benefit from the collective wisdom of all the stakeholders for improvement of tax policy, proposals are invited for the upcoming budget 2022/2023,” the FBR said.
The stakeholders have been advised to submit their input / suggestions in the following areas:
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 FBR urged the stakeholders to submit their proposals by February 25, 2022. The proposals may also be emailed in MS Word/Excel format.