The Pakistan Industrial and Traders Associations Front (PIAF) has called for a tax-free budget for the year 2015-16 to achieve economic goals set by the government. PIAF Chairman Tahir Javed Malik told reporters on Friday that the increase in number of taxes always encouraged people to stay out of the tax net while cut in tax rates expanded the tax base. "Therefore, the government should rationalise tax tariffs instead of making any increase in their rates," he added.
He said the government would have to allocate more funds towards the energy generation projects as the shortage of electricity has already caused irreparable loss to the overall economy and the economic activities in the country and that it was imperative to achieve revenue targets that they are set realistically keeping in view the ground realities. He said new taxes meant the more burdens on the existing tax payers that would ultimately increase the cost of doing business.
He said the fact remained that Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar are putting in their best efforts to attract much-needed foreign investment in the country but their efforts would bear fruit only when the taxation procedures would be simple. He also said the private sector should be facilitated to create more jobs since the government alone could hardly provide jobs to all the unemployed graduates.
He said the government would have to curtail the size of bureaucracy to control the day-to-day running cost of the government as the concept of smart organisation well equipped with latest technology is fast gaining ground in the leading economies of the world and that the PIAF has proposed to the government to increase the rate of duties on smuggled items while the rate of taxes for the local manufacturers should be curtailed.
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