ISLAMABAD (January 15 2006): The Central Board of Revenue (CBR) has started budget exercise for fiscal year 2006-07 by holding consultations with the private sector, tax practitioners, lawyers, federations/chambers and field formations.
The CBR on Saturday issued instructions to all income tax bar associations to submit viable proposals for improving the rules and regulations pertaining to direct taxes.
The CBR has informed the presidents of all tax bar associations that the budget exercise for the next financial year has been started. The idea is to frame major proposals aimed at improving the Income Tax Ordinance 2001, Income Tax Rules 2002 and other procedures. Similarly, proposals to improve the income tax administration under the self-assessment regime may be submitted to tax officials.
According to CBR directive, the professionals/tax advisors play a vital role in Pakistan's tax system. The necessary proposals for the mobilisation of more revenue and improvement in the income tax law and procedure should reach the Board by February 28, 2006, the instructions said.