Pakistan Budget 2015-16 Tax Proposals

Pakistan Budget 2015-16

PBC Tax Proposals 2015 – 16 

PBC views Tax policy as the primary tool for the promotion of industrialization / economic growth and for a more equitable distribution of the tax burden. The PBC strongly advocates that taxation needs to be based on the principle of “all income irrespective of source should be taxed”. The PBC and its members firmly believe that the fiscal space that the government is looking for to implement its ambitious socio-economic agenda will not, and cannot be provided by continuing to increase taxation on the already taxed sectors of the economy. The taxation base needs to be widened through better documentation by bringing the under taxed and all sectors currently out of the tax ambit in the tax net. The current tax policy is leading to a reduction in investable surpluses for the corporate sector. Changes in the tax laws e.g. the introduction of measures like the Alternate Corporate Tax (ACT) and the refusal to allow carry forward losses under the Minimum Tax Regime may in the shortterm help shore up the FBR’s collections but will in the long-run lead to a reduction in the FBR’s collections as corporates review their investment plans. In addition the arbitrary & non-transparent implementation of tax laws by FBR functionaries in their zeal to achieve unrealistic revenue targets is severely impacting viability of the formal sector. With no serious efforts being made to expand the tax base, the existing taxpayers are being subjected to what can only be defined as “tax discrimination”. Pakistan’s formal taxpaying sector is bearing the brunt of this assault, the formal sector is being forced to scale back as in the name “revenue generation” the FBR sacrifices its future revenues for short term gains. The 2015 – 16 Budget offers the government an opportunity to finally address the structural weaknesses of the economy. Tax implementation based on a policy of “zero tolerance” needs to focus on increasing documentation of the economy and widening of the tax base, this needs to be priority number 1 of the FBR. The current strategy of “permanent and announced tax amnesties” should be “permanently” done away with and replaced with better enforcement through increased use of technology and administrative reforms in FBR.

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