FBR invites sales tax proposals for budget 2021/2022

FBR invites sales tax proposals for budget 2021/2022

ISLAMABAD: Federal Board of Revenue (FBR) on Friday invited sales tax proposals for the federal budget 2021/2022 and directed the stakeholders to submit their suggestions by March 10, 2021.

In a letter sent to chambers, association and other stakeholders, the FBR advised that the proposals should focus on broadening of the tax base and increase in revenue.

The businessmen have been advised to give proposals to amend in following laws/rules:

Sales Tax Act, 1990

Federal Excise Act, 2005

Sales Tax Rules, 2006

Federal Excise Rules, 20052

ICT (Sales Tax on Services) Ordinance, 2001.

The FBR said that amendments should be suggested with a view to achieve simplification, remove difficulties and anomalies, and to abolish any outdated/obsolete provisions.

“FBR would welcome proposals for eliminating tax fraud, fake and flying invoices, plugging loopholes if any, facilitating genuine taxpayers and making the procedures transparent,” it added.

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