Islamabad – In a move toward inclusive and collaborative fiscal policymaking, the Federal Board of Revenue (FBR) has invited trade bodies, chambers of commerce, and business associations across Pakistan to submit tax proposals for the upcoming Federal Budget 2024–25.
This annual initiative is part of the FBR’s commitment to ensuring that taxation policies are shaped in consultation with private sector stakeholders, reflecting both economic realities and industry-specific challenges.
Areas of Focus for Budget Proposals
According to the FBR’s official communication, proposals are welcomed in the following key areas of taxation:
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Income Tax Ordinance, 2001
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Sales Tax Act, 1990
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Federal Excise Act, 2005
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ICT (Tax on Services) Ordinance, 2001
Trade bodies have been encouraged to submit suggestions for:
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Eliminating anomalies and inconsistencies in tax laws
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Tackling tax evasion and leakages
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Broadening the tax base
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Simplifying procedures for taxpayer compliance
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Repealing outdated provisions
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Proposing targeted incentives for emerging sectors
Collaborative Tax Policy Formulation
The FBR emphasized that the purpose of this consultative approach is to develop balanced, practical, and implementable policies. In particular, the FBR has requested that all proposals consider:
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The potential economic impact of proposed changes
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The ease of implementation from a tax administration standpoint
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The interests of vulnerable and affected stakeholder groups
This dialogue with the business community aims to foster trust, encourage voluntary compliance, and ensure that the 2024–25 budget supports inclusive economic growth.
Submission Deadline and Procedure
The FBR has set March 11, 2024, as the deadline for the submission of tax proposals. All chambers, associations, and business councils are expected to provide:
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Clearly written proposals
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Supporting rationale and impact assessments
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Recommendations aligned with legal frameworks and national economic priorities
Proposals are to be submitted to the FBR’s Inland Revenue Policy Wing, which will review and evaluate them for inclusion in the Finance Bill 2024.
A Step Toward Transparent Fiscal Governance
This outreach signals the FBR’s ongoing transformation toward a more responsive and participatory tax administration. By inviting the private sector into the pre-budget process, the government aims to:
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Create a fairer and more efficient tax system
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Reduce reliance on ad-hoc taxation
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Increase formalization of under-taxed segments
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Strengthen the policy-industry relationship
Conclusion
The FBR’s call for input ahead of Budget 2024–25 is a strategic opportunity for businesses in Pakistan to play a direct role in shaping tax reforms. As the country faces economic headwinds, crafting practical and equitable tax policies through dialogue and cooperation is essential for sustainable growth and fiscal stability.
Sterling.pk encourages all registered trade bodies, chambers, and sectoral associations to actively participate and submit well-researched, actionable recommendations by the deadline. Your voice matters in building a modern, fair, and growth-oriented tax system.
