KARACHI: The tax amnesty scheme announced by the government is a revolutionary step which will reduce the burden on the masses and the business community by ninety billion rupees, an FPCCI official said Sunday.
This is a major relief to the masses for which will offset the impact of the inflation for which we are thankful to the government, said Malik Sohail Hussain, Chairman Coordination FPCCI.
The decision will reduce the number of filers by almost five hundred thousand which will be a blow to the tax authorities but it should not be substituted through increasing the scope of withholding tax as it contributes to the poverty, he added.
Malik Sohail Hussain who has also served as Senior Vice President of ICCI said that taxable income was kept below Rs 400001 which was not matching the ground realities which has now been extended to 1200001 which is a laudable move.
He said that less than half a percent of people are paying tax in Pakistan which is unsustainable while 4.7 percent Indians and eighty percent Canadians are paying taxes.
The business leader said that government should reduce dependence on indirect taxes and try to expand tax net to finance expenditures and development.
He said that tax on those people who have their assets in foreign countries should be increased to ten percent while existing taxpayers should be given relief.
He said that the authorities should also consider adding the total audit cases in the amnesty scheme which are in the courts for years and decades.
Total audit is a tool which promotes corruption, therefore, it merits reconsideration so that business community can play its role in the national progress with peace of mind, he demanded.
Orignally published by INP