ISLAMABAD: Federal Board of Revenue (FBR) on Friday invited sales tax and federal excise duty (FED) proposals for budget 2022/2023.
The FBR asked all the stakeholders to submit their proposals by March 16, 2022.
The stakeholders have been asked that the proposals should focus the following broad parameters/ areas:
The proposals may suggest amendments to:
— Sales Tax Act 1990,
— Federal Excise Act 2005,
— Sales Tax Rules 2006,
— Federal Excise Rules 2005 and,
— ICT (Sales Tax on Services) Ordinance 2001.
The proposals should focus to cope with any tax avoidance/ leakages, broadening of tax base, removal of any procedural lapses, removal of difficulties and anomalies, to abolish any outdated/obsolete provisions, simplification of the laws and rules, taxpayer’s facilitation.
The proposals should be clear, meaningful and implementable through further amendments to the laws having regard to all stakeholders, including the trade groups; which may adversely be affected by the proposed measures.