KARACHI: The Federal Board of Revenue (FBR) on Monday invited the income tax proposals for the Federal Budget 2023/24.

The revenue board said that it was engaged in formulating the proposals for the Finance Bill 2023.

To benefit from the collective wisdom of all the stakeholders for improvement in the tax policy, proposals have been invited for the upcoming Budget 2023/24, it added.

The FBR has advised the stakeholders that their proposals should focus on broadening the tax base for a wider participation in the revenue generation efforts.

Further, the stakeholders have been advised that their input and suggestions should also focus on the taxation of real income on progressive basis and phasing out of the tax concessions and exemptions.

The stakeholders should share their ideas to remove the tax distortions and anomalies, it said. Besides, the stakeholders should care for the facilitation of the taxpayers and ease of doing business.

The FBR said the proposals should promote equity in taxation by introducing measures, where the incidence of tax is higher on affluent classes.

The stakeholders have also been advised to send their proposals by February 27, 2023. The proposals may also be emailed in MS Word or Excel format.

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