ISLAMABAD – The government is mulling over ending tax exemptions in the upcoming budget as Pakistan has been grappling with by low percentage of revenue collection when compared with the gross domestic product – a reality that became more visible during the current economic crisis.
However, getting of sales tax exemptions will adversely hurt the local consumers by increasing the cost of doing business, thus opening a Pandora’s box, which again highlights the need for expanding the base to enhance the tax-to-GDP ratio through direct taxes and shunning the practice of doubling down on indirect taxation.
Furthermore, the sales tax exemption in the case of tractors and pesticides is also to be ended, which will help the government collect an additional Rs30bn annually. These proposals are a product of the demands put forward by the International Monetary Fund and the government has to accept these given the desire and urgent need for another “larger and longer” loan programme.
Tax Exemptions IMF Farmers Agriculture Farming Input Costs Subsidy Cuts Sales Tax Pesticides Inflation CPI Consumer Price Index Direct Taxes Indirect Taxation
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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