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

More From This Section

Afghan election: a people’s victory

AFGHAN election, on April 5, was a day of triumph for all Afghans, including women, who played their due role with...

Ending power crisis

Energy resources are the backbone of economic development of any country. Pakistan has been facing the problem of...

Waste-to-energy

THIS is apropos Khunsha Khalid’s letter ‘Waste-to-energy’ (March 28) and mixed comments thereon by some...

CCI and Sindh

THE Chamber of Commerce and Industries’ meeting was recently held at which Prime Minister Nawaz Sharif tried to...


Comments are closed.

Comments (1)

Shahid
June 23, 2013 8:26 pm

This was the experience PLMN was boosting about. They have the experience of ruining the counytry's economy. Now the Lion was been voted into the office, the people must bear its roar as well.

Explore: Indian elections 2014
Explore: Indian elections 2014
How much do you know about Indian Elections?
How much do you know about Indian Elections?
Cartoons
E-PAPER
Front Page