Our Special Correspondent
LAHORE: Federal Board of Revenue (FBR) has invited stakeholders
including chamber of commerce and trade bodies for their input in
formulation of Finance Bill 2019.
As per details the board has announced to receive proposals from its
stakeholders for the improvement of tax policy and to benefit from the
collective wisdom of all the stake holders. The deadline for proposals
is 5th March, 2019.
For this purpose, FBR has issued a format which is to be followed to
make the suggestions which will be highly appreciated as a genuine
contribution towards framing of broad based and workable tax policy by
The format of the areas to be touched for the suggestions for the
framing of tax policy as issued by FBR is such that improvement in tax
laws is placed at the top. Secondly, broadening of tax base for a
wider participation in Revenue generation efforts is highlighted.
Thirdly, enhancement of tax to GDP ratio has given vital importance.
Furthermore, generation of revenue, facilitation of taxpayers and
removal of tax distortions and anomalies has also been mentioned in
the notification to be kept in mind while proposing the suggestions
for budget 2019.
It is also mentioned that the areas identified above are just
illustrative and not exhaustive.