Unrealistic Tax Target To Push FBR Under Stress: Mian Zahid Hussain
Umer Jamshaid Published April 14, 2021 | 06:10 PM
Unrealistic target to result in harassment, litigation, Cash transactions shielding agri income from taxes
Karachi (UrduPoint / Pakistan Point News - 14th April, 2021) Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said tax target for incoming fiscal should be reviewed as it will result in additional stress on the masses and FBR.
Economy and the business community is not in shape to bear the burden of Rs6100 billion unrealistic target which will be stressful for the tax officials as it will widen the gulf between FBR and taxpayers while open floodgates for litigation, he said.
Mian Zahid Hussain said that the government should explore options of reducing the size of the undocumented economy to meet the target agreed with IMF.
Talking to the business community, the veteran business leader said that many businesses are not registered while underreporting has become a common practice.
Whenever government tries to measure production of any sector for proper taxation, a reduction in production is used as a tool to foil the designs of tax collectors, he added.
He said that retailers used their “shutter power” to avoid taxes while political interference and parallel banking system is blocking imposition and collection of taxes on agricultural income.
Landlords and middlemen prefer cash transactions which make it difficult to tax the agriculture sector having a substantial portion of the GDP which results in an additional burden of taxes on industry and other sectors.
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