Tax reforms in pakistan 2016

Pakistan ’s tax reform agenda. Depending on the demography, level of economic growth and existence of economically backward regions and communities, a progressive tax policy with efficient administration can lead to income and wealth distribution. Further aggravating the problem is the large number of tax exemptions available to certain segments of society.

Through this reform , the government wishes to offer relief to the taxpayers and provide them great value for their taxation amount. GDP would increase by US$4. Details of this package and benefits will be explained.

This new Tax reform is a complete package that will benefit the middle class and a relief for the salaried person. In the Name of Allah, the Most Beneficent, the Most Merciful 2. Com 4th semester TAXATION MANAGEMENT 3. Tax reform Is the process of changing the way taxes are collected or managed by the government. If tax leakages (as identified above) are remove an extra – percent of GDP of revenue can be realised. Free for Simple Tax Returns.

Maximum Refund Guaranteed. GDP and percent of total tax revenue.

Multiplicity of tax laws. Akbar Mayo Published in Daily Times. The Federal Board of Revenue (FBR) is likely to miss its target by approximately Rs 485. Get a Jumpstart On Your Taxes! Industry-Specific Deductions.

Get Every Dollar You Deserve. File Taxes From Your Home. At a macro level, the project has two components: the -based component and the. If we compare this ratio with any of the developed countries, we are far below in numbers. The tax -to-GDP ratio in Australia is 25.

These were nothing but mere patchworks here and there. What Tax reform Chief of Army Staff heard in the seminar in Karachi and DG ISPR spoke later calling attention of Ahsan Iqbal. Tax rates range from to , depending on the type of asset.

The amnesty scheme for domestic assets covers all types of assets and income, with tax rates of and. To protect declarants from any harassment,. The reform strategy had three main planks (a) policy reforms , (b) administrative reforms and (c) organizational reforms.

The exception to this is small companies, which are taxed at percent. This annual series of reports aims to track and compare tax policy developments over time across OECD countries.

The IRS is working on implementing the Tax Cuts and Jobs Act (TCJA). This major tax legislation will affect individuals, businesses, tax exempt and government entities.