18 million people earning over Rs 300,000 urge to pay due share of their taxes

Chairperson National Assembly Standing Committee on Finance, Fauzia Wahab pleaded that all those who earn more than exempted limit of Rs 300,000 should pay taxes.
Addressing a dinner reception hosted by Chairman CNG Stations Owners Association, Malik Khuda Baksh and President, Pakistan Intellectuals and Businessmen Forum (PBIF) Mian Zahid Husain in honour of business leader S M Muneer at a local hotel on Sunday, she said that there are around 18 million people in the country earning more than exempted limit and if they all start paying their due share in taxes country will get more than Rs 5 billion additional revenue.
Expressing concern, she said that there are number of people in the country having large number of luxury car and their children getting education abroad still they do not pay a single penny in taxes. Referring to Reformed General Sales Tax (RGST), she said that it was a good scheme to document the economy. The scheme has been kept in abeyance, she added.
Member Federal Board of Revenue (FBR), Israr Rauf hinted that the Budget for the year 2011-12 would carry no new taxes. Israr Rauf assured that the budget would be business friendly. He agreed to the point that agriculturist should pay taxes and that thousand of affluent agriculturist and rich people are not paying any tax.
He said that no final discharge would be permissible to exports and property income in the forthcoming budget. He assured that business community would not be harassed to achieve the revenue target. Israr Rauf said that it is pertinent to note that all such people earning Rs 25, 000 per month have not been taxed so far.
He was of the view that Pakistan can say good bye to International Monetary Fund (IMF) but it requires government's will and taxpayers' co-operation. He informed that FBR has achieved Rs 1327 billion revenue targets with the help of stakeholders and this year's target of Rs 1588 billion would also be achieved through same spirit.
Senior Minister Sindh, Agha Siraj Durrani said that stakeholders are the backbone of the economy and extended every possible support to the businessmen. He said that Sindh budget would be business friendly. He said that the government is not interested to put additional tax burden on industry, which may lead to closure of industries.
President, Pakistan-India Chamber of Commerce and Industry, S M Muneer advised FBR not to further squeeze tax-payers and seek other options to meet revenue target in the forthcoming budget. He said that Pakistanis will spend Rs 220 billion on sending SMS next year and if only 20-paisa tax levied on each SMS, government could earn Rs 44 billion. He further suggested to given incentive to overseas Pakistani only one rupee per dollar, we could double the remittances to the tune of $12 billion next year.
He said that country is losing billions of rupee loss on account of Afghan Transit Trade. He demanded to curb this menace in order to meet the revenue target. He demanded that all political parties should sit together to discuss one point agenda and that should be the revival of economy.
PBIF President, Mian Zahid Husain said in address rejected the Monetary Policy announced by the State Bank of Pakistan saying that tailor made policies cannot run the countries. He said that interest rate should be brought down to single digit in order to rescue the plundered economy. He said that due to this policy quantum of non-performing loans has gone to an alarming level of Rs 500 billion and number of defaulters are increasing fast.
Acting President, FPCCI, Akbar Khan said that government should bring those rich people into tax net that are not paying a single penny to the national exchequer but enjoying every facility.