Page 27 - The Pakistan Accountant Oct-Dec 2018

Cover Story Time to Ifaced with. The previous government ncreasing the tax net is one of the many challenges the new government in the making of so called Naya Pakistan is had taken some evident steps in increasing Tackle the tax bracket of over two hundred million people of the country such as by introducing different tax rates for filers and non-filers, the controversial tax on cash withdrawals by non-filers that came Taxation down to 0.3% from 0.6% and then 0.4%, the tax reform of using National Identity Card Number (CNIC) to register tax payers and the commendable two Tax Amnesty Schemes on declaring local and foreign Jams assets that helped collect over PKR 97 billion according to Finance ministry press release in July 2018. However, it is convenient to say there’s a lot that needs to be done since Pakistan’s tax laws have tax collection rather than better tax by Sana Quadri always been more inclined towards more collection. October - December 2018 The Pakistan Accountant 25