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Restore Wealth Tax Act to enhance tax revenue to Rs 8000 billion

MNAs, MPAs, ministers and all officers of BS-17-22 should be barred from using vehicles more than 800cc and all GOR and other departmental colonies should be re-habilitated and more than 10 marla houses should be banned

Jahangir Hayat

LAHORE: In order to fix the economy and enhance tax revenue collection upto over Rs 8000 billion, the Wealth Tax Act 1963 should be restored and all Income Tax Returns including salaried persons and all other categories under section 4(B) of Income Tax Ordinance 2001 should be amended.
MNAs, MPAs, ministers and all officers of BS-17-22 should be barred from using vehicles more than 800cc and all GOR and other departmental colonies should be re-habilitated and more than 10 marla houses should be banned.
All schools and colleges must be nationalized and all foreign universities should be invited for opening of campuses in Pakistan to save foreign currency and to increase level of education in Pakistan Lahore Tax Bar Association (LTBA) Former President and tax expert Habibur Rehaman Zubari expressed
these view while pointing out the where structural reforms can be instrumental in fixing the economy here the other day.
He said that all returns forms should be made very simple and one paper return should be for Income Tax and Sales Tax ensured besides complicated forms should be removed.
The Schedule of Sales Tax should be implemented properly and comprehensively while the upcoming financial year of 2019-2020 should be declared as year of Enforcement and Collection, he said adding that all imports upto 10,000 dollars should be permitted without banking channels and dollar bearer certificate should again be issued.
“Vehicles above 800cc old vehicles should be banned for import for petrol consumption reduction.
Housing schemes on green land should be banned and implemented force fully for promotion of agriculture land,” Zubari said suggesting new cities should be made on barren lands and government having schemes should be on barren lands and out of main cities.
While talking about Petroleum products he said that these products should be taxed as 1% duty for construction of dams, army research and agriculture research and construction of small dams for generation of power, etc. should be allowed to private sector on bidding basis. Investment should not be questioned. Earning on dams should be proportionate between government and investor.
He went on saying that all education books should be in Urdu Basic education should be in Urdu to implement the Supreme Court Order of Justice Jawad S. Khawaja. All the judgment and proceeding of all the departments should be in Urdu enabling all citizens understand properly.

“Urdu should be main language in all education. Vision of lmran Khan regarding implementation of Urdu should be implemented. All schools and colleges must be nationalized and all foreign universities should be invited for opening of campuses in Pakistan to save foreign currency and to increase level of
education in Pakistan,” he recommended.
Talking about the role of pharmaceutical sector he urged the government that aII pharmaceutical drugs should be on genetic names and after implementation hope fully drug prices will be reduced.
Talking about the agricultural sector he said that research laboratories for seeds sharing must be under a new department and this department should be under Prime Minister directly, Zubari said, adding that green grapes should be exported along with dry fruits of Baluchistan.
To a question about banking sector regulation he said that banking sector should be regulated and monitoring policies should be made to control money laundering and encourage people to deposit money in banks. Islamic Banking should be promoted, Islamic Insurance Takaful should be promoted which will become a large part of income for government besides small industry/ cottage industry should be promoted and fix tax should be levied.
“Small traders should be facilitated by levying another tax whose minimum amount should not be less than 1000,” the former LTBA president underscored adding all MNAs, MPAs, Ministers and all officers of BS-17-22 should be barred from using vehicles more than 800cc and all GOR and other departmental
colonies should be re-habilitated and more than 10 marla houses should be banned.
The cultivation of opium shall be allowed as it is used in various medicines whereas the cultivation shall be carried out under the supervision of the government and the product shall be exported. World class facilities shall be provided in seashores, hill points and desserts along with the security so that maximum number of tourists can be attracted, he concluded.

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