Friday , April 20 2018
Breaking News
Home / Islamabad / FBR finalises budgetary proposals in consultation with stakeholders
FBR finalises budgetary proposals in consultation with stakeholders
????????????????????????????????????

FBR finalises budgetary proposals in consultation with stakeholders

ISLAMABAD: Like every year, the Federal Board of Revenue (FBR) has finalized the budgetary proposals in a well-organized manner this year also. The FBR conducts a comprehensive budget exercise every year before announcement of the federal budget.

The FBR makes concerted effort to involve all stakeholders, including business community, chartered accountants, tax bars, etc. Under this exercise, budgetary proposals are called from the trade bodies / chambers of commerce and industry from across the country and the field formations of the FBR.

The same are thoroughly scrutinized, meetings are held with trade bodies representatives, proposals are consolidated and forwarded to the federal cabinet during the budget for approval from the parliament as finance bill.

On the recommendations of the stakeholders, the FBR is continuously striving hard to simplify the process of returns filing and to remove the difficulties faced by taxpayers while filing returns. The FBR is making earnest efforts for simplification of tax returns, system/ processes to facilitate taxpayers. In this regard, special measures along with procedures have been proposed in the budgetary proposals.

Sources at FBR told Customs Today that FBR had dedicated specialized wings for this task, which addressed the issue of anomalies in fiscal laws by proposing amendments in the Finance Bill. Similarly for removal of difficulties in the administration of fiscal laws, FBR issues administrative guidelines to its field formations wherever intervention is required in smooth administration of tax laws.

On the customs side, the sources said that the above exercise was being carried out at two levels; field formations, and FBR. Chief Collectors (Appraisement/Enforcement), Director Generals (Transit Trade/Valuation/ Intelligence & Investigation/Port Clearance Audit/ Internal Audit/Intellectual Property Rights etc), Collectors (Appraisement/Preventive/Exports/ Adjudication etc), Directors (Transit Trade valuation/ Intelligence & Investigation etc), Additional Collectors/Directors, Deputy Collectors/Directors and Assistant Collectors/Directors are involved in budget exercise in the field.

At FBR level, the sources added that Member (Customs) as head of Customs Department, Chief Customs (Tariff/Facilitation Compliance/Exports & Exemptions),  Secretaries (Budget/Tariff-I/Tariff-II/Tariff-III/Law and Procedure/ Enforcement and Coordination and Export Policy/DRD/Grants and Special Exemption/Valuation & Audit) etc were carrying out this exercise.

The sources said that Member (Inland Revenue Policy), Chief (International Tax), Chief (Sales Tax & Federal Excise Policy), Chief (Income Tax Policy), Chief (Law & Clarification), Secretary (Exchange of Information), Secretary (Tax Treaties & Conventions), Secretary (Transfer Pricing), Secretary (Sales Tax Budget), Second Secretary (Law & Procedure), Secretary (Income Tax Budget), Secretary (Rules & SRO), Secretary (Income Tax Policy), Secretary (Income Tax Clarification) and Secretary (Court Matters) were involved in this exercise.