Pakistan all set to part ways with taxes
During a convention of the Kamyab Jawab program in Islamabad on Monday (today), Shaukat Tarin, Adviser to Prime Minister Imran Khan on Finance said that the government is preparing to part ways with the complex tax systems and just keep two taxes for a better system of tax in the country.
As per Shaukat Tarin, the current government is looking for ways to simplify the system of tax and also enhance the tax collection within the country. He added that taxes like turnover and withholding taxes will be abolished in the upcoming two or three years and only consumption tax along with general sales tax (GST) will be intact.
During the convention of the Kamyab Pakistan program, Shaukat Tarin mentioned that loans to youth and farmers are being given without any interest to enhance the quality of life and uplift the people. He further expressed that the youth of Pakistan has so much talent and potential. Business loans without interest are also being provided to deserving ones.
Adviser to Prime Minister also stated that for the country to develop, citizens of Pakistan have to play their part by paying taxes. He also said that in order for the country to progress, the administration has to increase the collection of taxes by keeping the ratio of tax to GDP in mind.