Karachi (15-11-2024) – Syed Mazhar Ali Nasir, former Senior Vice President of the FPCCI and Vice Chairman of the UBG Sindh Region, emphasized the urgent need for comprehensive tax reforms to broaden the tax base and reduce the burden on existing taxpayers. He highlighted that the current economic situation, marked by a 60% inflation rate over the past two and a half years, demands a significant shift in tax policy.
Syed Mazhar Ali Nasir pointed out that existing taxpayers are under immense pressure due to shrinking business activities and rising inflation, while the government is facing a tax shortfall exceeding Rs. 180 billion in the first four months. Expressing regret over weak policies, he said they have enabled certain protected sectors to reap abnormal profits, fostered illegal trade and corruption, and intensified the brain drain from Pakistan.
To address these challenges, Mazhar Ali Nasir proposed bringing new taxpayers into the fold instead of overburdening existing ones. He suggested reducing electricity and gas tariffs by Rs. 12 per unit for all consumer categories and ensuring their consistent and uninterrupted supply. He also recommended implementing agreements on a take-and-pay basis to lower electricity tariffs and amending policies that encourage abnormal profits, unlawful trade, and corruption.
Mazhar Ali Nasir further demanded that the FBR withdraw the discretionary powers of Inland Revenue (IR) officials.
