ISLAMABAD: The Federal Board of Revenue (FBR) has formally initiated process for formulation of proposals for the budget of upcoming financial year 2017-18.

Like in the past, the FBR has invited proposals from different stakeholders including chambers of commerce and industry, bodies of trade and industry, provincial bodies and regulatory authorities, official sources said.

The proposals sent by these bodies would be considered for incorporation in the upcoming Finance Bill.

The board has advised all the stakeholders to present their proposals by January 15, 2015 to ensure timely compilation and consideration for their incorporation in the bill.

The FBR has invited budget proposals in a format, which should explain the financial impact of a proposal or an amendment that is to be incorporated in the existing law.

According to the format, the stakeholders have been asked to properly mention the relevant section or schedule of the Ordinance, the existing law and the proposed amendment.

They have been asked to also mention rationale behind the proposed amendment and expected revenue impact if that is considered, the sources added.

The proposals have been formally sought from different stakeholders including Federation of Pakistan Chambers of Commerce and Industry Karachi, Chambers of Commerce of Industry Islamabad, Lahore, Rawalpindi, Hyderabad, Quetta, Peshawar, Faisalabad, Sialkot, Multan, Sukkur, Haripur, Lasbela, Gujranwala, Gujrat and Karachi.

The FBR has also invited proposals from the Overseas Investors Chamber of Commerce and Industry, Pakistan Business Council, American Business Council of Pakistan, stock exchanges, Pakistan United Retailers Association, National Clearing Company.

The FBR has also sent the invitation to All Pakistan Bar Association, Institute of Chartered Accountants of Pakistan, Institute of Cost and Management Accountants of Pakistan.

The stakeholders have been asked to send these proposals through email in MS Word or Excel format for facilitation of the board.