The proposals related to the budget of the new fiscal year 2023-24 were reviewed in the meeting of the Senate Standing Committee on Finance.
In a meeting presided over by Chairman Salim Mandviwala, the Pakistan Business Council opposed the retention of super tax on income.
Pakistan Business Council says that new taxpayers should be brought into the net to increase government revenue, business community is already paying tax on profits, super tax was imposed once which is not justified to be maintained.
Pakistan Business Council demanded to bring real estate and retail sector in tax net.
According to the Pakistan Business Council, there is a tax collection capacity of 747 billion rupees from the real estate and retail sector.
Pakistan Business Council also demanded control of smuggling, reduction of business cost and ease of doing business
Pakistan Business Council says that everyone should be given equal opportunities to do business, the tax burden in Pakistan is not distributed properly.
The Pakistan Business Council says that the country’s tax-to-GDP ratio is low, Pakistan lags behind Sri Lanka, India and Bangladesh in tax revenue in the region.
According to PBC, faced with problems like unemployment due to decline in production, there are rumors of super tax being implemented forever, the government is trying to discourage business by taxing business profits.
On this occasion, Sherry Rehman said that for economic improvement, we have to abandon the policy of dependence on loans, we have to change social attitudes and close the markets soon.
Sherry Rehman said that saving energy is important because we are meeting the needs by importing. Friends ask us what reforms Pakistan is currently doing.
He said that 11% of GDP has been lost due to climate change in the country, it is also important to control the losses due to climate change.
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