Business community to fully support govt on crack down against tax evaders: UBG

ISLAMABAD, May 25 (APP): The United Business Group (UBG) in the federation of Pakistan Chamber of Commerce and Industry (FPCCI) Tuesday announced to fully support the government for launching vigorous crackdowns against the tax evaders in the country to provide solace to existing tax payers.

In a press statement issued here, Group Patron-in-chief SM Muneer,Chairman Iftikhar Ali Malik, President Zubair Tufail, Secretary General Zafar Bakhtawari and Secretary Information Dr Mirza Ikhtiar Baig said that broadening tax base is perhaps
the most significant challenge facing Pakistan.

After 74 years of its existence, Pakistan has nearly around three million income tax payers, one of the lowest tax-to-GDP ratios in the world.

Iftikhar Ali Malik called for bringing all non-filers across the board who are supposed to, by law for paying tax, into tax network to increase the revenue and lessen burden on all already taxed segments of the society.

He said in many countries tax evaders are punished and sent behind the bar.

He quoted Bosnia, Herzegovina,Rwanda and Georgia, a big push was made to get business registered that worded and revenue rose quite quickly.

Later they reduced tax holidays and slashed income rate from from 30 to 10 percent and ultimately revenue increased manifolds.

Pakistan can’t progress unless until, all people pay their due taxes timely and clear their financial liability towards government.

UBG will continue to safeguard the interests of the business community at all level and this support to government is in their larger interests and government as well to lessen the burden on already taxed people.