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Islamabad: Following the upcoming budget of 2020-2022, the Federal Board of Revenue (FBR) is going to request the investors to yield the income tax proposals by 15th February 2021, as per the news reported.

After the upcoming budget, the FBR has demanded the tax offices to design their tax proposals by focusing on huge participation in revenue generation determinations. The offices include medium tax offices (MTOs), corporate tax offices (CTOs), regional tax offices (RTOs), taxpayers’ offices (LTO’s), and also potential traders and stakeholders.

Read FBR negates extension for returns filing the last date

Similarly, the FBR emphasized the key areas that need to be incorporated in the particular parts, that is widening the tax base; taxation of real income on progressive center; excluding the tax concessions and discharges; removing the tax anomalies and distortions; facilitation of taxpayers and ease of doing business; promotion of equity in taxation, and also identifying the indicators where the incidence of tax is higher on elite ones.

Read Tax Reforms in the Tobacco Sector imminent for revenue progress

On the other hand, the investors need to share the specific proposals under a written formal and prescribed format, which must contain the required terms and conditions that are needed to be considered.

Finally, the session concluded with an announcement that quoted that each rational must be entailed with increasing the revenues under sections of Income Tax Ordinance 2001, or any related Income Tax Rules 2002.

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