FBR invites suggestions for phasing out tax exemption, concessions

FBR invites suggestions for phasing out tax exemption, concessions

ISLAMABAD: Federal Board of Revenue (FBR) has invited suggestions from business community and other stakeholders for elimination of tax exemption and concessions.

The FBR on Thursday issued a notification for inviting income tax proposals for budget 2020/2021.

The FBR invited proposals from the stakeholders for phasing out tax concessions and exemptions.

It said that the FBR is currently engaged in the formulation of proposals for the Finance Bill 2020. In order to benefit from the collective wisdom of all the stakeholders for the improvement of tax policy, proposals have been invited for the upcoming budget 2020/2021.

The FBR said that input/suggestions in the following areas shall be appreciated as a genuine contribution towards framing or a broad based and workable tax policy:

i. Broadening of tax base for a wider participation in revenue generation efforts;

ii. Taxation of real income on progressive basis;

iii. Phasing out of tax concessions and exemptions;

iv. Removal of tax distortions and anomalies;

v. Facilitation of taxpayers and ease of doing business;

vi. Promoting equity in taxation by introducing measures where incidence of tax is higher or affluent classes.

The FBR asked all the stakeholders to send their proposals by February 07, 2020.