Hi Everyone! I hope you are all doing well. Welcome back to another blog. In this article, we will talk on the topic in detail “Proposal to Increase Tax Burden on the Rich Under Consideration by Government”.The proposal to increase taxes on the wealthy is a response to Pakistan’s growing income inequality and revenue shortfall. A report by the World Inequality Lab shows that Pakistan’s top 1% of earners hold over 25% of the country’s wealth, while the bottom 50% possess less than 4%. The COVID-19 pandemic has worsened this inequality, disproportionately affecting the poorest segments of the population.
The Reforms and Resource Mobilization Commission (RRMC) meeting was chaired by Finance Minister Ishaq Dar on Saturday. The meeting saw the presentation of an interim report by RRMC Chairman Ashfaq Tola to the minister. The report included recommendations by the commission for the upcoming budget 2023-24. The report emphasized the need for a range of tax measures to bring concealed income under the tax net. Dawn, citing sources, reported on the tax measures suggested by Tola.
Finance Minister Senator Mohammad Ishaq Dar chaired meeting of Reforms and Revenue Mobilization Commission(RRMC) and appreciated the efforts of the RRMC in recognizing issues and challenges in the exiting taxation system and for devising valuable suggestions for reforms(1/2) pic.twitter.com/xpKAqu68U1
— Ministry of Finance (@FinMinistryPak) April 29, 2023
Interim report proposes increasing share of direct taxes and taxing the rich while providing relief to less privileged. Finance minister appreciates RRMC’s efforts in recognizing issues in taxation system and offering valuable suggestions for reforms. Participants discussed suggestions made by the Commission and agreed to come up with business-friendly tax reforms. Meeting attended by SAPM on Finance, SAPM on Revenue, Secretary Finance, FBR Chairman, and other senior officers. Focus of meeting was on devising a tax system that promotes resource mobilization, ease of doing business, and taxpayer facilitation.
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