Moneyed aristocrats should take part in national development
Islamabad: [May 29]
The Pakistan Economy Watch (PEW) on Sunday said that reintroduction of Wealth Tax can help government generate additional funds to the tune of billions.
Levying Wealth Tax on income exempted from taxes will help shrink undocumented economy, contain artificial hikes in property market, and help government meet budgetary targets, it said.
It will also channel funds to some critical but neglected sectors, said Dr. Murtaza Mughal, President, PEW.
He said that expenditure is growing while income is sliding due to issues like war on terror, performance of FBP and lack of financial discipline that calls for additional measures to generate funds.
Talking to tax and banking consultant Mohsin Rafique, he said that moneyed aristocrats should not enjoy unjustified exemptions and take part in the national development.
Dr. Murtaza Mughal said that proper taxation on property and agricultural income can fetch around one trillion rupees.
At the occasion, Mohsin Rafique said that that abolition of Wealth Tax Act was a great disservice to the nation that helped few accumulate wealth while pushing millions below the line of poverty.
This move was the beginning of unholy manoeuvrings that resulted in miseries to the millions of small investors, he said.
Stress on increase in power tariff, petroleum prices and hiking rates of the tax would remain counterproductive, said Mr. Mohsin Rafique adding that Wealth Tax, if introduced, will boost economy without need to impose controversial Value Added tax.
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