Islamabad: The Federal Board of Revenue (FBR) has asked the business community to submit their income tax proposals for the Budget 2019-20, a news source reported. To this effect, a notification was issued for the perusal of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
Other chambers and business associations have also been invited to provide their input on the income tax proposals.
The board stated that the aim behind inviting proposals is to benefit from the collective wisdom of all the stakeholders; thereby enabling it to amend its tax policies for the benefit of all.
The business community has been asked to submit its proposals by March 5, 2019 - focused on the following issues:
- Improvement in tax laws
- Broadening of tax base
- Enhancement of tax-to-GDP ratio
- Higher revenue generation
- Facilitation of taxpayers
- Removal of tax distortions and anomalies