A.F.Ferguson Tax Partner Demanding Revolution
Syed Shabbar Zaidi, an authoritative and leading tax expert, also partner for taxation of A.F.Ferguson, reminded the policy makers, yet again, that we need a working and stable tax collection system.
Shabbar Zaidi has said that improvement in the prevailing system of tax collection can lead to tax-revenue of Rs 200 billion to 250 billion.
In a statement, Shabbar Zaidi said there was a dire need for revolutionary measures in the system of tax-collection to ensure effective implementation of administrative matters and that of the law.
Zaidi also proposed that, in his view, all political parties should share the same agenda for economic stability in the country. He also emphasized that income tax should essentially be received on all the income above Rupees 400,000, regardless of the sources of income.
Tax has been imposed on agriculture but it is not being collected effectively, he added.
“Despite the target of tax collection amounting to Rupees 1952b, only Rs 1875 bn to Rs 1900 billion would be received as tax during the current year”, added Zaidi. He noted the government was depending on economic growth rate for collecting a tax of Rs 2380 bn in the next year.