Taxation experts propose flat and low-rate taxation system for Pakistan’s Finance Bill 2023

Taxation experts propose flat and low-rate taxation system for Pakistan’s Finance Bill 2023

The Taxpayers Alliance Pakistan (TPAP), initiative of PRIME, an economic think tank, recently organized a meeting of its fellows to discuss ways to improve Pakistan’s taxation system for the upcoming Finance Bill 2023. Attendees included members of the alliance and field experts who aimed to generate proposals that would simplify tax regulations and reduce the compliance burden on taxpayers. 

(Excited to see the proposal that’s making waves? Simply click here to check it out!)

One of the notable contributions at the meeting came from Mr. Anas Farhan, Vice President of ZTBL. He presented a document and a detailed presentation on the advantages of a flat and low-rate taxation system, which was later commented by Mr. Zeeshan Merchant, Former President of Karachi Tax Bar Association (KTBA). 

Interested in learning more about the meeting details? Access the recording by clicking below

Mr. Farhan’s proposal emphasized the significance of streamlining the tax system and lessening the compliance burden on taxpayers. He argued that a flat and low-rate taxation system would accomplish these objectives while also promoting economic growth and reducing inequality. 

The proposal would eliminate the current complex system of tax brackets and exemptions, reducing the need for expensive tax planning and compliance. 

Overall, Mr. Farhan’s proposal is a crucial contribution to the ongoing debate on tax reform in Pakistan. It provides a well-argued and clear case for a simpler, fairer, and more efficient tax system that could benefit both taxpayers and the wider economy initiative.