Rawalpindi Islamabad (February-26-2024) : Tax consultant Syed Muhammad Abbas Bukhari has been elected as Secretary General of the Rawalpindi Islamabad Tax Bar Association (RITBA) for the next two years.
Bukhari has earned a master’s degree from the University of London and holds a specialisation in contract law from Harvard University, while RITBA has tax experts, chartered accountants, cost and management accountants, advocates, and income tax practitioners as its members.
Speaking at the occasion, Syed Muhammad Abbas Bukhari said that he is grateful for the choice voters made and that he will try his best to meet the expectations of the community.
He said that at present the country is suffering from a severe economic crisis, from which budget preparation is of utmost importance.
He said that the government will be given concrete and workable proposals for budgeting and a plan to increase direct taxes as indirect taxation has increased to dangerous levels.
He said that RITBA will take steps to build trust between the FBR and the taxpayers so that the scope of taxation can be widened, as the country’s survival depends on it.
Mr. Bukhari said that the potential of taxation in the country is double the current volume, which can be realised by enhancing the trust level between all the stakeholders.
He underlined that confidence-building among tax collectors and taxpayers is of primary importance and can result in an economic turnaround.
One of the more significant problems with our tax system is the deep-rooted injustice that has been incorporated into the system for a variety of reasons. This is both by default and by purpose.
He said that people who are documented and in the tax net pay a significant amount of taxes, not because they choose to do so but because of the nature of their work or business.
On the other hand, many who can escape paperwork have been able to get away with paying very little or nothing, he observed.
Many of such individuals have been rewarded repeatedly through amnesties of one kind or another. A great number of taxes are also eliminated to benefit specific classes.
Some entire sectors and industries have, at one point or another, been exempt from being subject to taxation, which cannot be justified, he observed.
Despite promises made by successive governments, they have been unable to expand the tax net. The need for revenues increases every year so do the indirect taxes which increase the unfairness of the tax system.
The tax expert said that wholesale, retail, agricultural income and some other sectors are paying very little tax, which needs to be increased.
Until the tax system is balanced and transparent, taxpayers are not harassed, and proper use of proceeds is not ensured, the development of the country will remain a dream.
He underlined that people will consider paying taxes as a duty instead of a problem only when they believe that the tax paid by them will be used for the development of the country.
