Finance Minister Ishaq Dar chaired an essential gathering of the Reforms and Resource Mobilization Commission (RRMC) in the Finance Division on Saturday to discuss tax reforms to help economic growth and improve the tax system in the economy country. Govt to Consider Proposal to Put More Tax Burden on Rich
The RRMC Presents Interim Review with Recommendations for Tax
During the meeting, RRMC Chairperson Ashfaq Tola presented an interim report with recommendations of the Commission to the Minister. The report, as per sources mentioned by Dawn, recommended various tax reforms to include in the forthcoming budget for 2023.
Emphasis on Direct Taxes and Taxing the Rich:
The recommendations in the report heavily emphasized bringing hidden income under the tax net and raising the percentage of direct taxes in federal taxation. Additionally, the report suggested taxing the wealthy while offering relief to less fortunate people to establish an equitable tax system.
Finance Minister Commends RRMC’s Efforts for Reforms:
A handout released following the meeting showed that Finance Minister Ishaq Dar was pleased with his team’s efforts by the RRMC in recognizing the issues and pitfalls in the current tax system. He also praised the beneficial suggestions for reforming revenue policies that promote resource mobilization, ease of business, and taxpayer facilitation to sustain economic growth.
The meeting participants comprised SAPM of Finance Tariq Bajwa, SAPM for Revenue Tariq Pasha, secretary of Finance, FBR Chairman, and senior officials in FBR, the Finance Division, FBR, and RRMC and RRMC, discussed the recommendations made by the Commission. Participants agreed to design business-friendly tax reforms after interacting with all involved.