As citizens are we paying enough taxes in Pakistan to enable our country to function properly? Is the current revenue generation in Pakistan from the taxes sufficient for the government’s budget?
The tax to GDP ratio in Pakistan rose from 8.5% to only 10.2% in the past years, which is millstone achieved, taking into account the amount of non-tax payers in Pakistan, this increased ratio is still lowest in the SAARC countries with other way ahead than Pakistan, our neighbor India is at 17.7 percent. When we compare our ratio with any of the developed countries, we are far below in numbers. The tax-to-GDP ratio in Australia is 25.8%, in America 26.9% and all European countries around 37-39%. These facts raise the question, that how many people in Pakistan submit their income tax returns to the Federal Board of Revenue. In 2016, despite all government efforts, which include operations and campaigns done with the national accountability bureau the number remained low.
A major reason behind this was that the tax system of Pakistan can be hard to understand, and with the changed and amendments brought to it, it is hard for people interpret the laws correctly. Moreover, for small businesses it can be hard, as the filing of income tax and other taxes is required in a certain manner, which creates complexity for the business owners. This is why Sayub & co have started their income tax return services for businesses and individuals.
Our team will help you in preparation of income taxes according to the law, ensuring that your business is not in violation of the law, and the compliance stays intact. Moreover, we will help you in proper accounting and maintenance of your tax records for the future and as per the governments requirement. As a business and individual it is our legal responsibility to pay taxes, and we will help you in fluffing that duty to get more help contact today.
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