May 23, 2017
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Monday proposed meaningful reforms in the tax administration aimed at end dependence on loans, bridge deficit and reduce poverty while making country’s defence stronger.
Significant reforms in the FBR can accelerate development of social sector and eradicate poverty as the social safety programmes suffers from reduced allocations hence unable to cater for the needs of ten percent population, he said.
Mian Zahid Hussain said that FBR should me made an autonomous institution, a system of tax judiciary should be established and tax audits should not be on the discretion of commissioners but through balloting.
Our federal and provincial tax system lacks harmony as well as democracy which is imperative to bridge deep mistrust between collectors and taxpayers, he noted.
He said that those disagreeing with the FBR decision have to file appeal with the same department which is against the norms of justice. Those seeking relief should have an independent judicial form working under the supervision of high court.
The veteran business leader said that apart from autonomy and establishment of tax judiciary, sales tax on import of raw material should be waived, corporate tax should be reduced, and burden on industrial sector should be lessened from 73 percent to stop country from becoming a trading state.
He said that providing relief to industrial sector will encourage industrialisation which is recipe for rapid development.
We are following rules and regulations of the colonial era which are no more practiced by those who designed them, he said adding that it take few minutes to file tax return in developed nations while it take weeks to do that same in Pakistan which should be improved.
Mian Zahid Hussain said that government should take loans only to improve the economy of country and to make sure the right utilization of these loans, government should also design and placed an effective and transparent Audit system in effect.
