APBF op­poses new taxes of Rs500b

Pakistan Observer - - ECONOMY WATCH - STAFF RE­PORTER

ISLAMABAD—The All Pak­istan Busi­ness Fo­rum has ex­pressed se­ri­ous con­cerns over the Govern­ment’s de­ci­sion to im­pose new taxes of Rs500 bil­lion in the up­com­ing na­tional bud­get. The com­mon man across the na­tion is al­ready suf­fer­ing, and the masses are not ready to ac­cept this ad­di­tional tax bur­den, while the de­ci­sion will also in­ten­sify the eco­nomic chal­lenges faced by the busi­ness com­mu­nity. The Pres­i­dent of APBF - Mr. Ibrahim Qureshi stated that: “The trade and in­dus­trial ex­perts sug­gest that; In­stead of levy­ing ad­di­tional taxes on the masses, the govern­ment of Pak­istan should grant greater au­ton­omy to the Fed­eral Board of Rev­enue (FBR), to raise the tax col­lec­tions by tril­lions. Glob­ally it has been proven that the coun­tries that ac­corded au­ton­o­mous sta­tus to their tax-au­thor­i­ties, have seen growth of 40 to 120 per­cent in their rev­enues. With the cur­rent eco­nomic pres­sures on the cit­i­zens, this plan to put ex­tra tax of Rs500 bil­lion seems un­fair and counter-pro­duc­tive. As it will open new flood­gates for ram­pant cor­rup­tion and de­bil­i­tat­ing in­fla­tion.” Qureshi fur­ther said that the govern­ment should not over-bur­den the masses, and it should rather ini­ti­ate re­forms in the FBR to pro­vide fi­nan­cial re­lief to the masses, while boost­ing its rev­enues through other mea­sures like; broad­en­ing the tax-net, con­trol­ling cor­rup­tion and over­com­ing the large-scale tax-eva­sion in the coun­try.

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