The majority of the people may be saved from the scourge of Coronavirus but it seems difficult for the people to escape from the scourge of taxes by the government. Preparations will be started to impose new taxes of billions of rupees in the budget of the next financial year.
The government is working on the budget for the next financial year. According to sources, under the pressure of the IMF, the tax collection target for the next financial year is likely to be set at Rs 5,100 billion. But the FBR and the Finance Ministry have set a target of Rs 800 billion. The new taxation is being called.
This year’s budget for taxes was the target of recovery of Rs 5 thousand 555 billion and the target of the new Rs 735 billion tax on the right to the base of the target by FBR tax collection. The target has been reduced to Rs 5,238 billion.
Economists say the imposition of new taxes is inappropriate because new taxes were imposed in the budget in view of the collection of Rs 5,555 billion. In addition to which the petroleum levy was also increased several times.
Now, there is no justification for imposing new taxes for receipts less than Rs. 450 billion from this target. The government may want to impose more taxes on the people by giving tax breaks to the favored sectors and industries.
Extracted from City42 News
