AGL 40.21 Increased By ▲ 0.18 (0.45%)
AIRLINK 127.64 Decreased By ▼ -0.06 (-0.05%)
BOP 6.67 Increased By ▲ 0.06 (0.91%)
CNERGY 4.45 Decreased By ▼ -0.15 (-3.26%)
DCL 8.73 Decreased By ▼ -0.06 (-0.68%)
DFML 41.16 Decreased By ▼ -0.42 (-1.01%)
DGKC 86.11 Increased By ▲ 0.32 (0.37%)
FCCL 32.56 Increased By ▲ 0.07 (0.22%)
FFBL 64.38 Increased By ▲ 0.35 (0.55%)
FFL 11.61 Increased By ▲ 1.06 (10.05%)
HUBC 112.46 Increased By ▲ 1.69 (1.53%)
HUMNL 14.81 Decreased By ▼ -0.26 (-1.73%)
KEL 5.04 Increased By ▲ 0.16 (3.28%)
KOSM 7.36 Decreased By ▼ -0.09 (-1.21%)
MLCF 40.33 Decreased By ▼ -0.19 (-0.47%)
NBP 61.08 Increased By ▲ 0.03 (0.05%)
OGDC 194.18 Decreased By ▼ -0.69 (-0.35%)
PAEL 26.91 Decreased By ▼ -0.60 (-2.18%)
PIBTL 7.28 Decreased By ▼ -0.53 (-6.79%)
PPL 152.68 Increased By ▲ 0.15 (0.1%)
PRL 26.22 Decreased By ▼ -0.36 (-1.35%)
PTC 16.14 Decreased By ▼ -0.12 (-0.74%)
SEARL 85.70 Increased By ▲ 1.56 (1.85%)
TELE 7.67 Decreased By ▼ -0.29 (-3.64%)
TOMCL 36.47 Decreased By ▼ -0.13 (-0.36%)
TPLP 8.79 Increased By ▲ 0.13 (1.5%)
TREET 16.84 Decreased By ▼ -0.82 (-4.64%)
TRG 62.74 Increased By ▲ 4.12 (7.03%)
UNITY 28.20 Increased By ▲ 1.34 (4.99%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 10,086 Increased By 85.5 (0.85%)
BR30 31,170 Increased By 168.1 (0.54%)
KSE100 94,764 Increased By 571.8 (0.61%)
KSE30 29,410 Increased By 209 (0.72%)

The government every year announces national and provincial budgets without realising their importance and just confine budget to correcting legislative grammatical mistakes and favouring their near and dear ones and use them as a tool to take revenge on political rivals. As a result, Pakistan is almost 200 years backwards.
The basic concepts of budget preparation are correction of economy and related laws and putting them in the right directions, development of economy, security, and to match revenue with realistic expenditure, ultimate betterment of standards of living of the public through education, health, employment and socio activities. The following recipe will create an Awami Budget - a budget, which develops the nation and puts smile on the faces of the public and makes the national environment free from bad politics and corruption:
All segments of manufacture, service, trade, commerce and agriculture should be taxed on gross revenue at nominal rate without exception as final tax without contact of tax payer and tax authority. Income tax rate may be say at 10% and tax incentives, in shape of percentages, may be given to those who contribute in national development such as increase exports, provide new employments, use own energy, increase production, provide quality education etc.
Unfortunately Pakistan is a place where we cannot introduce income tax in its letter and spirit. Otherwise people, consultants and government would be busy hiding revenue, increasing bogus expenses and increasing corruption. All import items should be subjected to custom duty at nominal rate without exception. Take concrete measures to discourage import of oil, which at present is eating huge foreign exchange.
Why nominal rates? Because abnormal and high rate of taxes and levies create room for taxpayers and government to reign tax evasion and corruption. Top priority to be given to education and health without politics, especially to the Science and Technology and discourage Arts and Commerce, which are auxiliary and are not like Science and Technology. Introduce compulsory sports and medical check ups to keep check on youth development.
Salary income upto Rs 600,000 per annum may be exempted from income tax so that the public may meet their basic and essential expenditures. Ensure that proper and effective facilities are provided by the EOBI and Social Security Institutions to the public in the shape of medical, housing and pensions etc.
Tap all natural resources, especially from Balochistan, through the involvement of foreign expertise. Funds to be used only on development expenditure, which include infrastructure which support and boost industrialisation, exports, employment and better law and order. Free and easy money distribution to public and political activists should be stopped.
Use all unused land on highways through launching schemes such as establishing export processing and industrial zones, auction to foreign rich buyers etc. Dams (big and small) should be constructed, including Kalabagh Dam. Leakages in electric consumption, which is huge in percentage and backed by politicians and influential people, should be stopped.
To support the poor and to curb corruption, electricity consumes upto 1,000 units "per month" must be charged at a flat rate (variable charge) of Re 1 per unit plus taxes. Leakages in gas consumption, which is huge in percentage and backed by politicians and influential people, should be stopped.

Copyright Business Recorder, 2012

Comments

Comments are closed.