‘Public must join tax net’
Photo: file
The Lahore Chamber of Commerce and Industry (LCCI) has called on the public to play a crucial role in expanding the tax net. LCCI President Kashif Anwar emphasised that withholding tax rates for non-filers are significantly higher compared to filers, making it impractical for individuals to remain outside the tax net. He highlighted that tax return authorities’ systems are now integrated, making it challenging for anyone to conceal assets or capital for an extended period. All financial information is available on FBR’s portal and is accessible to the public.
In a letter to the heads of trade and industrial associations, the LCCI president highlighted the importance of broadening the tax base for the survival of Pakistan’s economy. A healthy tax-to-GDP ratio is vital for running the country’s affairs, from defence to development and security to social welfare.
Anwar stressed the significance of maintaining accurate and transparent documentation, as businesses failing to disclose assets in the wealth declaration statement risk losing those assets under Pakistan’s Benami law.
Published in The Express Tribune, August 4th, 2023.
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