Sir,
The budget of FY 23-24 you presented on 9th June 23 has an outlay of PKR 14.5 trillion, but tax revenue generation of PKR 9.2 trillion ONLY.
In this regard, Dr. Ikram ul Haq has already proposed in minutest details how to generate over PKR14 trillion TAX REVENUE by reducing the tax rate, but expanding its base.
Now, either the Finance Ministry should accept the taxation ideas of Dr. Ikram ul Haq about the above-mentioned tax revenue generation, or it should inform the public that PKR over 14 trillion can not be generated with the proposals of Dr. Ikram ul Haq.
Sir, this is all the more a critical issue for Pakistan as IMF funding is undecided and FBR has already failed to collect tax revenue targets of PKR 7.6 trillion of FY 22-23 and now it will be required to meet the tax revenue target of PKR 9.2 trillion of 23-24 with reduced imports, which looks well neigh impossible.
As such, you may seriously consider the proposals of Dr. Ikram ul Haq for adopting the least disruptive taxation measures, which aims to generate tax revenues of above PKR 14 trillion instead of your target of PKR 9.6 trillion during FY 23-24.
Best Regards,
Syed Nayyar Uddin Ahmad
Lahore.
