According to an FBR's letter to trade bodies, chambers and federations here on Tuesday, the FBR is engaged in formulation of proposals for the Finance Bill 2019-20. In order to benefit from the collective wisdom of all the stakeholders for the improvement of tax policy, proposals are invited for the upcoming Budget 2019-20.
The taxpayer's input/suggestions shall be highly appreciated as a genuine contribution towards framing of broad based and workable tax policy. The FBR has specified following areas of income tax budget for the Finance Bill 2019-20: improvement in tax laws; broadening of tax base for a wider participation in revenue generation efforts; enhancement of tax to GDP ratio; generation of revenue; facilitation of taxpayers; and removal of tax distortions and anomalies. It is requested that these proposals may be provided by March 5, 2019, the FBR added.