Federal Board of Revenue has decided to initiate budget exercise for the next financial year i.e. 2008-09 and sought proposals from chambers, tax bars and business organisations for bringing improvement in the existing income tax laws, procedures and administration.
The primary purpose of this exercise is to improve and streamline the income tax laws, procedures and administration, said FBR, in a letter, addressed to the various organisations.
Considering commerce and industry as two vital sectors of the economy, FBR has requested the Federation of Pakistan Chambers of Commerce & Industry (FPCC&I), all Chambers of Commerce and Industry and American Business Council to formulate their budget proposals regarding income tax and forward them to the Board by 10th February, 2008, for due consideration.
In another letter, addressed to the Institute of Chartered Accountants of Pakistan (ICAP) and all Tax Bar Associations, FBR has requested them to forward their proposals aimed at improving Income Tax Ordinance, 2001, procedures and administration. The letter said that the professionals/tax advisors hold a vital position in our tax system and, therefore, FBR welcomes and values their suggestions.
FBR has further requested them that the suggestions they may have with regard to mobilisation of more revenues and for improvement of the income tax laws, procedures and administration may be sent to the Board by February 10, 2008, for necessary consideration.