Aurangzeb Proposes Further Levies on High Income Earners
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Finance Minister Muhammad Aurangzeb on Thursday said higher taxes will be imposed on high income earners next year. He also criticized the concept of non-extraterrestrials and called for the abolition of that category.
A meeting of the Senate Standing Committee on Finance and Revenue was held today in Islamabad, chaired by Senator Salim Mandviwala. Finance Minister Muhammad Aurangzeb was also present.A representative of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) expressed concern over the new budget, claiming that there is no provision for industry and exports. He claimed that the income tax on rice exports has been increased from one percent to 29 percent, which could lead to an increase in under-reporting.
The representative of FPCCI stated that sales tax has generally gone up and expressed concern about its impact on various sectors. He also suggested the government to reduce the electricity tariff.Responding to the senate panel"s concern, Aurangzeb emphasized the need to raise the tax base, saying the country cannot function with a tax rate of 9.5 percent of GDP.
He announced the plan to fully digitize taxation in the country.Undeclared persons cannot travel to London, Paris and Thailand without an NTN number except for Umrah and Hajj, the finance minister added.
