The tax revenue target set by the government for FY 2017-18 is Rs 4 trillion, 19 percent higher than the collection of Rs 3.362 trillion during the last fiscal year. He said the FBR drive was yielding results as according to figures released, the FBR's provisional collection at the national level is amounting to Rs 449 billion in July-August which is higher by 23 percent as compared to around Rs 365 billion collected in the similar period of last financial year.
Undeniably, he said, taxes are the primary source of revenue for any country in the contemporary world. This is the reason each country generally endeavors to improve the general state and quality of its taxation system. Tax non-compliance, in the form of tax avoidance and tax evasion, is the most common taxation problem. However, it is widely believed that a state can overcome this problem by ensuring an efficient tax regime as well as a healthy tax culture.
He emphasized that tax literacy is an important tool to promote tax culture. It can go a long way in persuading people to pay their due taxes honestly and promptly. Extensive persuasive messaging can also influence people's perception and attitude towards paying taxes, which will untimely give rise to tax compliance behavior.
According to him, proper payment of taxes will not only stabilize the economic condition of our country but will also improve the living standard of people. The class gap will reduce significantly amid the improving financial conditions of poor and literacy rate will improve drastically due to a high number and quality of public education institutes. More public hospitals will be built which means that public will have access to advanced and less-expensive medical facilities. Mohammad Iqbal Ghori, FCMA, President ICMA Pakistan, Saghir-ul-Hasn Khan and FBR chief Zain-ul-Abidin Saahi also spoke on the occasion.
Copyright Business Recorder, 2017