ISLAMABAD: In order to include tax ideas from all interested parties in the next budget for the fiscal year 2024–2025, the Federal Board of Revenue (FBR) has started the process of collecting them.
To get input from all taxpayers, including associations, trade bodies, and chambers of business and industry, three separate notifications were sent out on Thursday. By March 11, 2024, all suggestions ought to be received by the FBR.
The federal excise act, sales tax act, customs act, and income tax legislation may all see changes as a result of the suggestions.
The notifications state that the proposals might address issues like tax evasion, leaks, expanding the tax base, eliminating procedural errors, removing obstacles and anomalies, getting rid of any out-of-date or obsolete provisions, streamlining laws and regulations, and facilitating taxes.
The FBR went on to say that the ideas should be understandable, significant, and feasible through additional legal revisions, taking into account all relevant parties, including trade associations that might be negatively impacted by the suggested actions.
SOURCE: DAWN NEWS
