LAHORE - If agricultural income tax and other provincial and local taxes are collected efficiently, Pakistan total tax potential can be over Rs 12 trillion. However, to achieve this target the FBR must be run by independent Board of Directors, comprising professionals.
With a view to curb tax evasion and make it a department of ‘Zero tolerance against corruption’ and to plug estimated tax leakage of Rs 2,000 billion per annum, the experts have endorsed the view of Transparency International, suggesting the authorities to outsource the valuation of imports to third party.
They observed that law should be made to declare tax evasion as a crime against state and punishments be awarded by courts within a defined period.
Imtiaz Rastgar, former chairman of Engineering Development Board, noted industrialist and APBF SVP, informed that FBR had declared in 2012 that it had data of 3.8 million, who were not paying income tax; the FBR now should collect tax from these 3.8 million tax evaders, he demanded.
He suggested that the CNIC should be declared as NTN number, and all citizens be made to file IT Return, even at zero income. He asked the FBR to devise mechanism to monitor professionals, known for not paying income tax on their real income, including architects, consulting engineers, doctors and lawyers.
Nabeel Hashmi, the APBF chairman and the chief executive of the Thermosole Industries, recommended that the parliament through consensus can enact laws for establishing autonomous Tax Agency that will facilitate business community to deal with single Revenue Authority rather than multiple agencies at national, provincial and local levels. The mode and working of independent FBR can be finalized under Council of Common Interest, he added.
He, however, also spoke in favor of the present chairman Tariq Bajwa, whose performance is excellent and who is known as an honest man throughout his carrier. He said that nation has reposed trust in the PML-N by giving the new government a heavy mandate in the national general election therefore, it should give preference to the national interests at every cost and take all decisions while keeping in view the ground realities.
Faisal Afredi, CEO of Haier, stressed the need to introduce reforms in the tax department, and purchase new equipment, besides implementing unique methods to enhance the tax net.
He suggested the government to replace FBR with an independent institution, setting it free from any influence of the government and political victimization.
Yaqub Tahir of the Izahar Group said that private sector of Pakistan wants to play its role for progress and prosperity of the country but for the purpose, government has to take it on board and involve policy making process.
He concluded that instead of depending on foreign aid or loans, the government has to accelerate economic activities, enhance industrial production, finding new destinations for Pakistani merchandise as heavy debts have already hollowed the foundations of the country.
With a view to curb tax evasion and make it a department of ‘Zero tolerance against corruption’ and to plug estimated tax leakage of Rs 2,000 billion per annum, the experts have endorsed the view of Transparency International, suggesting the authorities to outsource the valuation of imports to third party.
They observed that law should be made to declare tax evasion as a crime against state and punishments be awarded by courts within a defined period.
Imtiaz Rastgar, former chairman of Engineering Development Board, noted industrialist and APBF SVP, informed that FBR had declared in 2012 that it had data of 3.8 million, who were not paying income tax; the FBR now should collect tax from these 3.8 million tax evaders, he demanded.
He suggested that the CNIC should be declared as NTN number, and all citizens be made to file IT Return, even at zero income. He asked the FBR to devise mechanism to monitor professionals, known for not paying income tax on their real income, including architects, consulting engineers, doctors and lawyers.
Nabeel Hashmi, the APBF chairman and the chief executive of the Thermosole Industries, recommended that the parliament through consensus can enact laws for establishing autonomous Tax Agency that will facilitate business community to deal with single Revenue Authority rather than multiple agencies at national, provincial and local levels. The mode and working of independent FBR can be finalized under Council of Common Interest, he added.
He, however, also spoke in favor of the present chairman Tariq Bajwa, whose performance is excellent and who is known as an honest man throughout his carrier. He said that nation has reposed trust in the PML-N by giving the new government a heavy mandate in the national general election therefore, it should give preference to the national interests at every cost and take all decisions while keeping in view the ground realities.
Faisal Afredi, CEO of Haier, stressed the need to introduce reforms in the tax department, and purchase new equipment, besides implementing unique methods to enhance the tax net.
He suggested the government to replace FBR with an independent institution, setting it free from any influence of the government and political victimization.
Yaqub Tahir of the Izahar Group said that private sector of Pakistan wants to play its role for progress and prosperity of the country but for the purpose, government has to take it on board and involve policy making process.
He concluded that instead of depending on foreign aid or loans, the government has to accelerate economic activities, enhance industrial production, finding new destinations for Pakistani merchandise as heavy debts have already hollowed the foundations of the country.
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