The government has failed miserably in meeting the target of tax collection from traders under the Trader Friendly Scheme.
The IMF had given the government a target of collecting Rs 10 billion in taxes from businessmen under the Trader-Friendly Scheme during the first quarter of the current financial year, but the government has been able to collect only Rs 1 million in tax, which is the target. is 0.001 percent.
The government’s worst failure has also called into question a $7 billion program from the IMF, with 575 businessmen depositing only Rs 1.3 million as of mid-October, indicating that the government is in the second phase. Mahi will not be able to achieve the target.
The government has to collect 23.4 billion rupees during the first half of the year, while the annual target has been set at 50 billion rupees. R has faced a loss of Rs 90 billion.
It should be noted that bringing traders, exporters and farmers into the tax net are the basic terms of the IMF, but it seems that the Legislature government is favoring the retailers, after failing in the tax targets, the government is thinking of bringing a mini budget. In the mini-budget, tax on import of machinery will be increased by one percent, import of raw materials and advance income tax on import of raw materials by commercial importers will be increased by one percent.
The withholding tax on supplies, services and contracts will be increased by 1 percent, the government will increase the excise duty on aerated and sugary drinks by 5 percent, thus the government will collect an additional tax of Rs 130 billion.
