FINANCE Minister Ishaq Dar has, instead of expanding the tax base by taxing agriculture etc, taxed the already taxed. All over the world mutual funds are a vehicle for savings, primarily for retail investors.

In Pakistan, which has one of the lowest savings ratios in the world, the government has allowed a tax credit to retail investors by investing in mutual funds.

Contrary to his statement about simplification of tax returns, this process has been made more cumbersome, as now the investors will have to claim it directly from the FBR. We all know about the efficiency level of the FBR. To add insult to injury, the budget has recommended 16pc FED on top of the 16pc provincial sales tax. It amounts to double taxation. Such measures may sound like the death knell of this fledgling industry.

ARSHAD HUSSAIN Karachi

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.