AIRLINK 173.15 Increased By ▲ 15.74 (10%)
BOP 10.65 Increased By ▲ 0.28 (2.7%)
CNERGY 8.52 Increased By ▲ 0.20 (2.4%)
CPHL 97.46 Increased By ▲ 4.57 (4.92%)
FCCL 47.25 Increased By ▲ 0.52 (1.11%)
FFL 15.42 Increased By ▲ 0.54 (3.63%)
FLYNG 28.13 Increased By ▲ 1.15 (4.26%)
HUBC 138.91 Increased By ▲ 4.90 (3.66%)
HUMNL 12.81 Increased By ▲ 0.29 (2.32%)
KEL 4.54 Increased By ▲ 0.33 (7.84%)
KOSM 5.55 Increased By ▲ 0.16 (2.97%)
MLCF 62.26 Increased By ▲ 1.38 (2.27%)
OGDC 214.75 Increased By ▲ 6.23 (2.99%)
PACE 5.55 Increased By ▲ 0.15 (2.78%)
PAEL 44.86 Increased By ▲ 4.08 (10%)
PIAHCLA 18.70 Decreased By ▼ -0.10 (-0.53%)
PIBTL 10.74 Increased By ▲ 0.76 (7.62%)
POWER 12.26 Increased By ▲ 0.30 (2.51%)
PPL 173.87 Increased By ▲ 5.10 (3.02%)
PRL 36.22 Increased By ▲ 1.19 (3.4%)
PTC 23.56 Increased By ▲ 0.57 (2.48%)
SEARL 95.31 Increased By ▲ 2.21 (2.37%)
SSGC 39.13 Increased By ▲ 3.56 (10.01%)
SYM 14.02 Increased By ▲ 0.36 (2.64%)
TELE 7.23 Increased By ▲ 0.28 (4.03%)
TPLP 10.29 Increased By ▲ 0.29 (2.9%)
TRG 64.68 Increased By ▲ 4.01 (6.61%)
WAVESAPP 10.04 Increased By ▲ 0.34 (3.51%)
WTL 1.33 Increased By ▲ 0.03 (2.31%)
YOUW 3.70 Increased By ▲ 0.05 (1.37%)
BR100 12,492 Increased By 252.4 (2.06%)
BR30 37,694 Increased By 1300.9 (3.57%)
KSE100 116,189 Increased By 2036.1 (1.78%)
KSE30 35,750 Increased By 549.8 (1.56%)

KARACHI: The federal budget 2024-25 came under heavy criticism at a seminar hosted by the Karachi Tax Bar Association (KTBA) on Saturday, with tax experts slamming it as excessively harsh and revenue-focused at the expense of economic growth.

Leading the charge was Abdul Qadir Memon, Chairman of the PTBA Academy of Taxation, who termed the budget measures “very harsh” and likely to create negative sentiment among taxpayers.

He predicted the Federal Board of Revenue’s (FBR) ambitious revenue target would prove unattainable, necessitating a mini-budget down the line. “The budget takes a revenue-centric approach rather than a growth-oriented one,” Memon said. High tax rates have historically failed to foster economic development in Pakistan, he said.

Anwar Kashif Mumtaz, President PTBA, criticised the introduction of a new “late filer” category in addition to filers and non-filers. He lamented stagnation in Pakistan’s tax policy over the past two decades on issues like tax rates, broadening of the tax base, and the tax-to-GDP ratio.

Sajidullah Siddiqui, Chief Commissioner Large Taxpayers Office, Karachi defended the budget measures while acknowledging issues with the tax culture. He said 80% of the supply chain remains outside the tax net, unfairly shifting burden to complaint taxpayers.

But the drumbeat of criticism highlighted scepticism that the budget’s harsh revenue focus can truly catalyze economic documentation and growth. Speakers urged a more balanced approach promoting investment and development alongside tax collection.

Copyright Business Recorder, 2024

Comments

Comments are closed.