ISLAMABAD: Federal Board of Revenue (FBR) on Thursday invited sales tax proposals to eliminate flying invoices and tax frauds and with focus on broadening of tax base.
The FBR issued a circular inviting all business chambers and associations to submit their sales tax and federal excise proposals for budget 2020/2021.
The FBR said that the proposals should be given priority for eliminating tax fraud, fake and flying invoices, plugging loopholes, and facilitating genuine taxpayers and making the procedure transparent.
The FBR said that the proposals should focus on broadening the tax base and increase in revenue.
The FBR sought proposals in laws/rules including 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 stakeholders have been urged to suggest amendments with a view to achieve simplification, remove difficulties and anomalies and to abolish any outdated/obsolete provisions.
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.
The FBR invited the proposals from stakeholders by March 16, 2020.
