FBR begins working on the fiscal year 2025–2026 budget.

The budget for the next fiscal year 2025–2026 is being prepared by the Federal Board of Revenue (FBR), and stakeholders are being requested to submit their ideas by January 31.

All pertinent parties have received a formal letter from the FBR asking for their comments on the budget for the upcoming fiscal year.

Income tax, sales tax, federal excise duty, and revenue-raising ideas are among the particular proposals that stakeholders are asked to submit. The board is also seeking suggestions for expanding the scope of current taxes and widening the tax base.

Along with proposals pertaining to taxes, the FBR has requested feedback on general sales tax for all companies as well as ideas for phasing away tax exemptions gradually. The FBR has underlined how important it is to simplify tax processes and make rules more understandable for taxpayers.

The American Business Council of Pakistan, DHA Karachi, the Pakistan Small Chambers of Commerce and Cottage Industry, the Pakistan Business Council, the Pakistan Stock Exchange, and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) are among the business and trade associations that have been contacted for their suggestions.

In addition, the FBR has requested ideas from a wide range of organizations, such as the Pakistan Vanaspati Manufacturers Association, the All Pakistan United Retailers Association Karachi, the All Pakistan Bar Association, ICAP, the Pakistan Tax Bar Association, and tax advisory businesses.

Based on these stakeholders’ comments and ideas, the FBR will finalize its recommendations for the next finance bill.