AIRLINK 74.40 Decreased By ▼ -0.90 (-1.2%)
BOP 4.95 Increased By ▲ 0.01 (0.2%)
CNERGY 4.34 Decreased By ▼ -0.05 (-1.14%)
DFML 44.73 Increased By ▲ 3.55 (8.62%)
DGKC 87.27 Increased By ▲ 3.96 (4.75%)
FCCL 22.90 Increased By ▲ 1.25 (5.77%)
FFBL 31.65 Decreased By ▼ -0.35 (-1.09%)
FFL 9.36 Decreased By ▼ -0.06 (-0.64%)
GGL 10.10 Increased By ▲ 0.02 (0.2%)
HASCOL 6.77 Decreased By ▼ -0.05 (-0.73%)
HBL 113.60 Decreased By ▼ -0.40 (-0.35%)
HUBC 140.15 Increased By ▲ 1.05 (0.75%)
HUMNL 11.91 Decreased By ▼ -0.09 (-0.75%)
KEL 4.87 Decreased By ▼ -0.04 (-0.81%)
KOSM 4.40 Increased By ▲ 0.04 (0.92%)
MLCF 38.40 Increased By ▲ 0.89 (2.37%)
OGDC 132.80 Decreased By ▼ -0.05 (-0.04%)
PAEL 24.45 Decreased By ▼ -0.40 (-1.61%)
PIBTL 6.53 Decreased By ▼ -0.07 (-1.06%)
PPL 119.64 Increased By ▲ 1.84 (1.56%)
PRL 25.88 Decreased By ▼ -0.18 (-0.69%)
PTC 13.75 Increased By ▲ 0.03 (0.22%)
SEARL 57.25 No Change ▼ 0.00 (0%)
SNGP 66.40 Decreased By ▼ -0.10 (-0.15%)
SSGC 10.15 Decreased By ▼ -0.09 (-0.88%)
TELE 7.95 Decreased By ▼ -0.26 (-3.17%)
TPLP 10.64 Decreased By ▼ -0.06 (-0.56%)
TRG 61.66 Decreased By ▼ -0.74 (-1.19%)
UNITY 26.63 Decreased By ▼ -0.41 (-1.52%)
WTL 1.36 Increased By ▲ 0.01 (0.74%)
BR100 7,835 Decreased By -10.7 (-0.14%)
BR30 25,330 Increased By 74.3 (0.29%)
KSE100 74,878 Increased By 41.8 (0.06%)
KSE30 23,988 Decreased By -16.5 (-0.07%)

KARACHI: It is understandable that IMF has been asking for Rs5.96 trillion tax collection for the next fiscal year and budget focus would be raising the Tax to GDP Ratio but it does not mean that already “tax payer” should be influenced by receiving untimely notices to produce tax records despite timely submission of the returns and audits, said Ateeq ur Rehman, Economic & Financial analyst.

Government needs to seriously work out a plan and formulate a sincere policy to ensure respect to the already taxed. Adherence to law and due diligence must be followed in respect of “Tax Payer”.

It is requested that a “tax payer” should be issued a privilege card to be produced when needed at airports, railway stations, bus booking stands, hospitals, pharmacies, laboratories, etc to create convenience.

This in recognition and token of respect for being a “Tax Payer” and attracting the others to become a “Tax Payer”.

He added that Finance Minister Shaukat Tarin said that government will seek to increase revenue without taxing the already taxed and there will be no taxation hike in FY22 budget, this is quite encouraging and government should follow two ways of generating revenue that is through duties / taxes and growth of exports.

This is only possible once we massively grow our exports and reduce our external debts and cost of our energy. IMF projected USD 23.63 billion as our exports. Pakistan Exports only achieved USD 25 billion mark in 2013 after that exports never reached that high level. We need to increase export to USD 50 billion, at least in this fiscal year.

Copyright Business Recorder, 2021

Comments

Comments are closed.