Tax on all incomes, PBC submits budget proposals to government

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ISLAMABAD, Apr 12 (APP): The Pakistan Business Council (PBC) has recommended the government to tax all the income irrespective of sources to boost revenues and create fiscal space for implementing socio-economic development.

In its budget proposals submitted to the Finance Minister, Senator Muhammad Ishaq Dar for the fiscal year 2016-17, the representative body (PBC) of about 50 largest private-sector businesses said that the government cannot create fiscal space for implementing its ambitious socio-economic agenda just by increasing taxes on the already taxed sectors of the economy.

The body welcomed the efforts of the Finance Minister for increasing the taxpayer base. It also supported the distinction introduced between filers and non-filers of tax returns, however emphasized that much more needs to be done.