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| June 2, 2005 | Thursday | Rabi-us-Sani 24, 1426 |
Tax holiday likely for livestock sector
ISLAMABAD, June 1: The government is likely to offer tax holiday, in some cases tax concessions, in the budget to encourage development of the livestock sector. Informed sources told Dawn on Wednesday that budget planners had proposed several incentives for the livestock and dairy industry.
Another major emphasis in the budget, the sources said, would be to generate jobs to bring down unemployment which was now exceeding 10 per cent. The planners are considering a proposal to scrap the surcharge on petrol and other POL products as a measure to reduce inflation and to provide some relief to people.
The business community, the sources said, had submitted its proposals to the government and suggested reduction in tax rate for the salaried people and industrial workers.
“There is a need to rationalize the tax rate and people may hear some good news in the new budget,” an official said, conceding that the tax rate in Pakistan continued to be higher than in many developing countries. He said the government was considering doing away with multiplicity of taxes. “Provinces are likely to be asked to have only one tax in the budget for 2005-06,” another official said.
The business community has asked the government to plug the leaks in revenue collection, impose minimum taxes, broaden the tax base and reduce the customs duty.
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