ISLAMABAD: The Budget for the next fiscal year approved by parliament and also president of Pakistan, heavy tax Budget will directly hit low to moderate-income households.
The government of Pakistan presented the Budget 2024-25 with heavy taxes which will increased the hardship of common man, but every official from the Prime Minister to down has tried to use this Budget to present the hope of a great economic turnaround in the next few years, the question are already being raised over the integrity of its targets and it measures, the last minute changes made in the finance bill, which imposed fresh tax measures of Rs200 bn in addition to Rs.1.5tr contained in the original bill just before its approval by parliament, betray the government’s lack of confidence in its own targets.
According to the financial experts, they believe the government will not be able to achieve its tax collection target, the Budget has increased direct tax collection by 48 pc without actually expanding the existing narrow tax base.
Moreover, it lets off those not in the tax net by preserving the so-called category of ‘non filers’ a term invented by Ishaq Dar years ago to keep quintessential tax evaders, including traders, realtors, property developers, etc, out of the Income tax audit, likewise, they say , the Estimates of a 35pc hike in indirect taxes next year are exaggerated, given the current economic slowdown and reduced purchasing power of the majority.
