Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has announced that the government will abolish the Super Tax in a phase-wise manner to reduce the tax burden on large corporate entities, multinationals, and businesses with substantial turnover.
The tax authorities announced on the second day of the economic dialogue arranged by the Pakistan Business Council on Thursday.
National Coordinator of the SIFC, Lt. Gen. Sarfraz Ahmed, acknowledged the concerns raised by the business community regarding the Super Tax and high corporate tax rates.
The FBR chairman admitted that the manufacturing and corporate sectors are heavily taxed, and said that tax rationalization is essential to make them competitive. “We know there is no justification for taxes like the Super Tax and high corporate tax, and we are working to reduce them from whatever fiscal space becomes available to us,” he said.
Langrial stated that the government has finalized a roadmap to enhance the tax-to-GDP ratio to 18 percent by FY28.
He stated that more than 90 percent of hospitals in the country accept only cash, rather than payments through debit/credit cards or online bank accounts, in an attempt to conceal their actual income.
Langrial added that only 150,000 doctors are registered with the FBR, and on average, they pay just Rs. 2 million in income tax per annum, a figure he described as mind-boggling, given that their lifestyles suggest earnings of over a million rupees per month.
wow . Us people pay highest taxes
But Super Tax on large corporate entities, multinationals, and businesses with substantial turnover are so scared of taxes 😆 🤣 😂 😹
Jehangir why are your spineless and didn’t ask him why are these Companies scared of taxes ?
So MNC and large companies get low taxes
But me and everyone gets to pay high income taxes ?
Do it really want us to go down bangladesh route
Bangladesh rotue is the only solution
Some corporations like banks pay 50% of their profits as tax. How much do you pay? Even the top slab with super taxes pay less than 44%.
Corporations are right about this. But government should reduce it’s expenditure rather than focusing entirely on revenue side.
No they do not. They pay taxes on profits of the bank deposits which are not theirs but customer money.
Banks pay corporation tax. All tax on profits are paid by deposit holders as they earn profits and also pay fee on fixed deposits as well.
I don’t earn as much as a bank btw.
How only 2 million rupees tax by 150000 doctors? Most of these doctors are government employees and their income tax is deducted at salary by the hospital finance department. I personally pay 2.4 million rupees income tax per year from my salary as a doctor. Perhaps Chairman FBR is ignorant about actual figures.
Million rupees a month earned by doctors and they pay 2 million income tax per year. That is over 16%. What do they get in return? Their kids study in private schools, visit private hospitals and so on.
Income tax on individuals should be abolished completely and sales tax should be made uniform on every product.
Wrong on that.
Millions earned by doctors is after years of study and honing their craft. If you want to stop that then force the govt to increase health budget. These doctors will go out of business next day.
Income tax cannot be abolished otherwise no minister or business man would pay taxes.
Sales tax is not paid by businessman. It’s paid by you and me.
Kindly never give tax advice ever again. People like you would bankrupt this country faster
Citizenship some company Bangladesh bogura destec jamalpur sajahanpur noymail hat MD ABDUR RAHIM
Citizenship some company Bangladesh bogura destec jamalpur sajahanpur noymail hat MD ABDUR RAHIM
Fbr should tax the health sector especially the doctors mafia who are accepting only cash only and driving mercedez benz vehicles living in expensive villas and enjoying first class travel apart from commissions on prescriptions.Apart from from this the reception staff of consultants also take 1000 rupees to expedite appointment.why fbr is sleeping?