Islamabad: The Federal Board of Revenue (FBR) has officially commenced preparations for the fiscal year 2025-26 budget by inviting proposals from stakeholders. Stakeholders have been asked to submit their recommendations by January 31, focusing on key areas to shape the upcoming finance bill.
PM Shehbaz Sharif Launches Faceless Customs Assessment System, Announces Tax and Energy Reforms
In a formal communication, the FBR has requested suggestions on income tax, sales tax, federal excise duty, and strategies to increase revenue. Emphasis has been placed on proposals to expand the tax base and improve the effectiveness of existing taxes.
The board is also encouraging input on streamlining tax procedures and making regulations more taxpayer-friendly. Suggestions on phasing out tax exemptions and implementing general sales tax policies across businesses have been prioritized.
To ensure diverse representation, the FBR has reached out to various business, trade, and professional associations. These include the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Pakistan Business Council, Pakistan Stock Exchange, American Business Council of Pakistan, DHA Karachi, and the Pakistan Small Chambers of Commerce and Cottage Industry.
Additionally, groups such as the All Pakistan United Retailers Association Karachi, All Pakistan Bar Association, Institute of Chartered Accountants of Pakistan (ICAP), Pakistan Tax Bar Association, Tax Advisory Firms, and Pakistan Vanaspati Manufacturers Association have been approached for recommendations.
The proposals gathered will help the FBR finalize its recommendations for the next finance bill, with the goal of achieving fiscal stability, enhancing revenue collection, and fostering a taxpayer-friendly environment.
