KARACHI: Chairman of National Business Group Pakistan and President Pakistan Businessmen and Intellectuals Forum Mian Zahid Hussain has said increasing revenue by one trillion rupees will be a challenge for the Finance Minister Shaukat Tarin.
It will be the beginning of a new era of development if the Finance Minister increased the government income without burdening the taxpayers and masses, he said.
Mian Zahid Hussain said revenue can be increased by expanding GDP for which cost of doing business should be reduced. Talking to the business community, the veteran business leader said that Pakistan has agreed with the IMF to increase revenue from 4.69 trillion rupees to 5.69 trillion rupees for which the tax system should be made balanced, indirect taxation should be reduced, direct taxes should be promoted and all the stakeholders should be taken into confidence.
He said that the government should end undue tax exemptions being provided to the influential and rethink the decision to send to jail the tax evaders as this can be used by government employees to harass the taxpayers which will shrink the economy.
He said that many underdeveloped countries have improved tax revenue by reforming their system while some have taken the powers of granting tax exemptions from finance ministers and other departments and such successful initiatives can be tried in Pakistan. Government should take note of wastage of money in state-run corporations, power theft, and line losses should be contained and quality of life of masses should be improved, he said.
Copyright Business Recorder, 2021