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Tag: budget proposals

  • FBR extends last date for submitting customs proposals for budget 2019/2020

    FBR extends last date for submitting customs proposals for budget 2019/2020

    ISLAMABAD: Federal Board of Revenue (FBR) has extended the last date for submitting customs related budget proposals for 2019/2020.

    In a notification to all chambers and association, the FBR said that the board issued a letter on January 25, 2019 for submitting customs proposals for budget 2019/2020.

    The proposals would cover three areas i.e. changes in Customs Tariff rates, Rules/Procedures and Customs Act, 1969.

    The FBR said that to enable the Customs Wing of the FBR to properly process and evaluate each proposal, three separate formats had been attached to the letter for preparing the proposals on MS Excel Sheets.

    The FBR said that while formulating the proposals, provision of the existing customs tariff rates/law may carefully be studied/consulted.

    Wherever required the proposal may be supported with the statistical data etc. so that it is not dropped on account of any such infirmity.

    In case of local manufacturer claiming tariff protection on its finished products or concession o its raw materials, complete given annexure as well, without which it would not be possible to process these types of proposals.

    It is requires that the proposals may be sent to the FBR by March 25, 2019.

    The government is scheduled to announce the budget 2019/2020 in the first week of June 2019.

  • Refund should have no nexus with revenue targets: FTO

    Refund should have no nexus with revenue targets: FTO

    ISLAMABAD: The office of Federal Tax Ombudsman (FTO) has advised Federal Board of Revenue (FBR) to set its targets rationally and refunds should have no nexus with revenue targets.

    “To link accountability to performance, compensation for delayed refund be ensured as delay has its own cost,” the FTO office said in its suggestion for budget 2019/2020.

    Refunds data should be placed on website, showing chronological sequence of status and settlement.

    It further said that the collection of Customs duty on challans, in advance, for the sake of targets, should be stopped. It also said that regulatory duties kill economic activity.

    Instead of more focus on the rates of taxes, FBR should pay more emphasis on stimulation of economic activity.

    Recommendations of separate Customs and IR Board given in ISAF Container scandal should be implemented, it said.

    The above mentioned suggestions were sent to Chairman FBR with the note that FTO’s office regards proposals worthwhile to be considered at the time of next budgetary exercise.

    As part of annual consultation to provide well thought-out advice, from a common citizen as well as expert perspective, to the FTO and FBR, meeting of the Rawalpindi/Islamabad based members of Advisory Committee was held in the Conference Room of the FTO office on December 27, 2018.

    The Federal Tax Ombudsman welcomed the participants and briefed them about the purpose of meeting which was to give recommendations for improvement in system and proposals for next budget.

    The conference was attended by Salman Nabi, Former Chairman, National Tariff Commission, Muhammad Sulaiman Khan, Ex-Member Customs and Former Advisor FTO Secretariat, Zaheer-u-Din Dar, Consultant, Zikria A. Zia, Resident Director AGE Cables, Muhammad Siddique, Former Advisor, FTO Secretariat, Najeeb R. Abbasi, Advocate High Court, Shabaz Rana, Economic Correspondent, The Express Tribune, Muhammad Azeem Siddiqi, Bureau Chief, Khyber News, M. Naeem Siddiqi, Chairman ST, IT and FBR Affairs Subcommittee.

    Tariq Ahad Nawaz, Advisor (Research) FTO Office, apprised the audience about the efforts made by the office of the FTO in the area of recommendations sent to FBR for streamlining the systemic issues and performance of the FTO office.

    In the open house discussion, the debate resulted in some very useful recommendations for improvement of the system.

  • FBR invites income tax proposals for budget 2019-2020

    FBR invites income tax proposals for budget 2019-2020

    The Federal Board of Revenue (FBR) has taken a proactive step towards fostering collaboration and seeking valuable input from the business community for the upcoming budget 2019-2020.

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  • FBR asks business community to suggests measures to stop tax fraud

    FBR asks business community to suggests measures to stop tax fraud

    The Federal Board of Revenue (FBR) has reached out to the business community, urging them to propose measures aimed at eliminating tax evasion, counterfeit invoices, and plugging existing loopholes in the tax system.

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  • FBR invites customs related budget proposals for 2019/2020

    FBR invites customs related budget proposals for 2019/2020

    The Federal Board of Revenue (FBR) has invited customs related budget proposals for fiscal year 2019/2020.

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