Despite the ongoing challenges posed by the third wave of the COVID-19 pandemic, the Pakistani government is gearing up to present its third budget for the fiscal year 2021-22 in the Parliament on June 11, Friday.
(more…)Tag: budget 2021-2022
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FBR deputes IR officers for budget preparation
ISLAMABAD: Federal Board of Revenue (FBR) on Friday assigned the services of following officers of Inland Revenue (IR) with Member (IR-Policy) with immediate effect and until further orders for ongoing Budget exercise and for preparation of Finance Bill, 2021-2022.
Shabih-ul-Aijaz (IRS/BS-20) presently posted as Commissioner-IR (Audit-II), Large Taxpayers Office, Lahore.
Taudeer Ahmad (IRS/BS-19) presently posted as Additional Commissioner-IS, Large Taxpayers Office, Islamabad.
Munir Ahmed Chaudhry (IRS/BS-19) presently posted as Additional Commissioner-IR, Medium Taxpayers Office, Karachi.
The officers are directed to report to Member (IR-Policy) on morning of 07.05.2021 for preparation of presentation on budget proposals 2021-22 for the Honorable Minister for Finance and Revenue on 7th, 8th and 9th May, 2021.
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FBR invites customs proposals for budget 2021/2022
The Federal Board of Revenue (FBR) has opened the floor for customs duty proposals as part of the preparations for the federal budget for the fiscal year 2021/2022.
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Budget 2021/2022 to focus on easing tax burden: Member IR
Karachi: The upcoming federal budget will ease the burden on the industrial sector to reduce the cost of doing business to facilitate industrial and exporters, Dr. Muhammad Ashfaq, Member Inland Revenue (Operations), Federal Board of Revenue (FBR), said on Friday.
The Member was addressing the members of Karachi Chamber of Commerce and Industry (KCCI) during his four day visit to the city.
The Member said that the FBR was working on a policy to reduce the cost of doing business.
He said that it was encouraging that export orders were increasing. Further, a report of the State Bank of Pakistan (SBP) pointed out a reduction in the cost of doing business.
“The budget 2021/2022 will focus on reducing the cost of production. Further, the priority will be easing the tax burden on the industrial sector,” the Member added.
FBR receives numerous budget suggestions every year, he said, adding that the KCCI should send essential proposals.
The Member said that the condition of CNIC was part of the statute. He also said that audit was part of the taxation system.
He said that the FBR would introduce a new tax policy in the next three months. The Member said that refunds would be paid when claimed.
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FBR invites income tax proposals for budget 2021/2022
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday invited income tax proposals for budget 2021/2022 and asked stakeholders to submit the same by February 15, 2021.
The FBR asked the tax offices, including Large Taxpayers Offices (LTOs), Medium Tax Offices (MTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs), and trade and industries that the proposals should focus on broadening the tax base for a wide participation in revenue generation efforts.
The FBR advised that suggestions should in the following policy 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 stakeholders have been asked to provide proposals in a prescribed formation that should include relevant sections/clauses or rules where amendment is sought. The proposals related to any section of Income Tax Ordinance, 2001 or any rule to Income Tax Rules, 2002 should be presented along with rationale and revenue impact.