Saturday, 21 December 2024, 03:31:42 am


 
Analysts term tax reforms need of hour
November 19, 2024

Hamayun Iqbal Shami (Chairman, Pakistan Economic Forum): Every country needs taxes to be paid by its citizens in order to run the state affairs. In my opinion, the government needs to bring the tax rate in order to bring most people into the tax network. The salaried person is paying over 39% of tax on the salary which is quite higher. Although the government in the last year brought 66 million people into the tax network, more has to be done for the induction of every citizen in the tax network system. With a better tax rate, the people will not evade taxes. Moreover, the government also needs to end the tax exemption for the tribal areas as people of these areas have great income as it will add a sense of deprivation for the people paying taxes regularly.

Dr. Talat Shabbir (Economist): 

The more important aspect is to understand that paying taxes is the national responsibility. The government must launch a comprehensive campaign targeting the general public to highlight the importance of tax paying. In the developed countries, the governments provide certain facilities to the common man from their own taxes. It is a concept existing among the masses that they are paying taxes on every product they purchase. So there is a dire need to induce reforms in the tax collection system as the existing taxation system in Pakistan is not-understandable by a common man. The government needs to devise certain policies to extend the tax network rather than to impose more taxes on existing tax-payers.

Naina Ali (President, Women Chamber of Commerce of Industry Islamabad): 

The basic issue in tax collection is that people do not trust the existing taxation system. It is the major responsibility that every citizen must have to pay taxes so that the government can spend on them as well. There is a dire need to make certain reforms in the tax system in order to bring more people into the tax network.

Dr. Muhammad Khan (IR Expert): 

The statement of the Minister for Planning and Development Ahsan Iqbal that both the United States and Pakistan must respect each other’s sovereignty. The Pak-US relations have been cordial since the 1950's. Pakistan was at the giving end during the Cold War and later during the Soviet invasion in Afghanistan, Pakistan also provided support to the US interests. Moreover, Pakistan also supported the United States in war against terrorism but unfortunately the United States never reciprocated in a better way. Even Pakistan was not provided with its due compensation in war against terror as far as the financial losses are concerned in this regard. Pakistan is an independent country and has its own integrity and sovereignty that must be respected at all costs. In the recent US Presidential Elections, the newly elected President Donald Trump has always opposed war in any shape. We must be hopeful that in his era there will be an end to the Russia-Ukraine conflict, Israel-Palestine issue and others.