Business

Government to impose RGST before November 14

The government also agrees to impose a 10 per cent surcharge on income tax in a meeting with the IMF.

Express November 05, 2010

The government on Friday agreed to impose the Reformed General Sales Tax (RGST) before November 14, 2010, in a meeting with the International Monetary Fund (IMF).

The talks focused on the RGST as well as Income tax.

The government also agreed to impose a 10 per cent surcharge on income tax. However, no deadline was suggested for the imposition.

Additionally, the government decided to withdraw subsidy on machinery, heavy machinery and tractors. Subsidy will also be withdrawn from the textile and leather industries.

COMMENTS (5)

Klues | 14 years ago | Reply Ben I like your comment and your initiative. To throw IMF out Pakistan need to take a debt moratorium from Int'l bankers and borrow from China/Saudia/Muslim countries to pay it off. Improve regional trade and take stay order on selling of gold reserve at Reko diq. Webster Tarpley has a suggestion which can be of great use to us.

Klues | 14 years ago | Reply Systematic destruction of Pakistan on an economic front. We as Pakistani should learn from history how Yugoslavia was Balkanized in similar manner. Article excerpt from The Rational Destruction of Yugoslavia; The Third Worldization of Yugoslavia Yugoslavia was built on an idea, namely that the Southern Slavs would not remain weak and divided peoples, squabbling among themselves and easy prey to outside imperial interests. Together they could form a substantial territory capable of its own economic development. Indeed, after World War II, socialist Yugoslavia became a viable nation and an economic success. Between 1960 and 1980 it had one of the most vigorous growth rates: a decent standard of living, free medical care and education, a guaranteed right to a job, one-month vacation with pay, a literacy rate of over 90 percent, and a life expectancy of 72 years. Yugoslavia also offered its multi-ethnic citizenry affordable public transportation, housing, and utilities, with a not-for-profit economy that was mostly publicly owned. This was not the kind of country global capitalism would normally tolerate. Still, socialistic Yugoslavia was allowed to exist for 45 years because it was seen as a nonaligned buffer to the Warsaw Pact nations.

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Meekal Ahmed | 14 years ago | Reply The 10% surcharge on income tax is outrageous! Why are those who DO pay income tax (a mere 1.6 million of them) and are registered being asked to bear this additional burden? How much revenue do they expect to get from such a tax? I certainly hope there is a high threshold below which there will be no surcharge to give it some 'progressivity'. Focus on the better-off. A 10% flood surcharge should have been imposed on a much broader base. The best, which would have yielded billions, would have been on residential and commercial properties/shopping malls in the main cities. As far as public/government servants are concerned, they will just deduct it from the babau's pay-check before he even sees it. During my service we babu's would pay all sorts of surcharges at the drop of a hat. We were captive tax-payers.

Ben | 14 years ago | Reply It is deficit of ideas in the economy of imagination. Those who do not know how to live within means have to feebly comply IMF dictates. What they need is creative financing. Read more at: link text

shoaib altaf | 14 years ago | Reply i hope it comes to reality regards

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