Revenue board invites proposals for curbing tax fraud

KARACHI: Federal Board of Revenue (FBR) on Thursday invited budget proposals from the business community and tax departments to eliminate fraud and fake and flying invoices in the sales tax regime.

FBR, in a notification, invited proposals for sales tax and federal excise duty for the budget 2018/19 and asked the stakeholders to submit their recommendations by February 22. “The proposals will be welcomed for eliminating tax fraud, fake and flying invoices, plugging loopholes, facilitating genuine taxpayers and making the procedures transparent,” the FBR said.

The board asked tax offices and business community to let the proposals centre on growth and enhancing revenue collection. Further, proposals should focus on broadening the tax base and increase revenue, it said.

The FBR further said the proposals of amendments into the laws of sales tax and federal excise duty should be with a view to achieve simplification, remove difficulties and anomalies and abolish any obsolete provision.

The revenue body asked the stakeholders if they desire any change in the law then they can send draft of law amendments.