Islamabad: In a recent report, the Federal Board of Revenue (FBR) asked stakeholders on Wednesday 13th January, to submit income tax proposals for the budget of 2021-2022 by the 15th of February 2021.
Large Taxpayers Offices (LTOs), Medium Taxpayer Offices (MTOs), Corporate Taxpayer Offices (CTOs), and Regional Taxpayer Offices (RTOs), as well as traders and industrialists, have been asked to submit proposals that focus upon the expansion of the tax base for wide participation in generating revenues.
Suggestions should be communicated in the following areas given by the FBR:
- the broadening of the tax base
- taxation of real income on a progressive basis
- phasing out of tax concessions and exemptions
- removal of tax distortions and anomalies
- facilitation of taxpayers and ease of doing business
- promotion of equity in taxation
Stakeholders to have been asked to provide proposals that should include relevant clauses or rules where amendments may be required. The proposals related to any section of Income Tax Ordinance, 2001, or any rule to Income Tax Rules, 2002, should be submitted along with rationale and revenue effect.
For further updates please visit our website Property News.
