The Federal Board of Revenue (FBR) has begun preparations for the budget of the upcoming fiscal year 2025-26, with stakeholders being asked to submit their proposals by January 31.

The FBR has formally written to all relevant stakeholders seeking input for the next fiscal year's budget.

The proposals specifically requested from stakeholders include suggestions related to income tax, sales tax, federal excise duty, and ways to increase revenue. The board is also looking for recommendations to broaden the tax base and enhance the scope of existing taxes.

In addition to tax-related proposals, the FBR has sought input on general sales tax for all businesses and suggestions for gradually phasing out tax exemptions. The FBR has emphasized the need for streamlining tax procedures and making regulations easier for taxpayers.

Various business and trade associations have been approached for their recommendations, including the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the Pakistan Business Council, Pakistan Stock Exchange, the American Business Council of Pakistan, DHA Karachi, and the Pakistan Small Chambers of Commerce and Cottage Industry.

Further, the FBR has solicited proposals from a broad range of groups, including the All Pakistan United Retailers Association Karachi, All Pakistan Bar Association, ICAP, Pakistan Tax Bar Association, Tax Advisory firms, and the Pakistan Vanaspati Manufacturers Association, among others.

The FBR will finalize its recommendations for the upcoming finance bill based on the feedback and suggestions received from these stakeholders.