ISLAMABAD, President Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has said that reforms in the present taxation system will be a big achievement of the government which will widen tax net, ensure national development and end dependence on foreign donors.
He said business community across country has been eagerly waiting the recommendations of Tax Reforms Commission which if accepted can make Pakistan a developed country in few years.
In a statement issued here on Monday, he said that the existing tax system is oppressive and unstable which targets lower income groups, discourages honest taxpayers, support tax cheats while providing unnecessary relief to rich.
He said that exemptions, dissimilar rates including zero rating etc. confuse all stakeholders making job of collectors difficult due to compliance issues by the perplexed business community.
He said government will pocket billions by eliminating controversial SROs and unjustified exemptions to balance budget resulting in reduced uncertainty, poverty, jobs, inflation, and flight of capital and industries.
Only SRO culture is inflicting loss of around Rs 150 billion while the nobility get as much tax relaxation annually as Pakistan get loan from the IMF which has transformed country into a beggar.
He said tax reforms would help business community discharge their duties and obligations with peace of mind to play their role in the national development.