KARACHI: Reforms in the tax system, restructuring of FBR, fair tax laws, and expansion of the tax net should be the first priority for economic development and national welfare.
Restructuring of FBR is necessary for the economic development of the country, FBR has to get rid of overburdened staff, replace manual processes with artificial intelligence, improve perception of FBR among tax payers. should be made, focus on widening the tax net.
According to the latest list of FBR, the number of active income taxpayers in 2023 is 3,665,612 and the number of sales taxpayers is 207,194. It has to be fair.
Imposing more taxes on existing taxpayers will increase the undocumented economy, tax policies need to be made sustainable and business friendly, uncertainty discourages investment and economic activity.
In the fiscal year 2022-23, the volume of direct tax was 32.33 percent and the volume of indirect tax was 49.32 percent, while in the fiscal year 2023-24, the volume of direct tax was fixed at 34.38 percent and the volume of indirect tax was 41.69 percent.
