ISLAMABAD: The Reforms and Resource Mobilisation Commission committee on Saturday suggested a range of tax measures for consideration in the upcoming budget 2023-24, with a focus on bringing concealed income under the tax ambit.
The commission’s chairman, Ashfaq Tola, submitted an interim report to Finance Minister Ishaq Dar and briefed the committee on the salient features of recommendations focusing on taxing rich people while giving relief to the less privileged.
An official source privy to the meeting told Dawn that the revenue measures proposed suggest taxing rich people and bringing concealed income under the tax ambit. The focus of all measures is increasing the share of direct taxes in federal taxes, the official added.
It was also proposed to give relief to the organised sector.
Reforms body submits interim report to finance minister
According to the official, the finance minister directed the committee chairman to discuss all proposed measures with all stakeholders. “The minister asked the reform committee to further refine all these proposals and bring them back to the committee”, the official said.
An official announcement issued after the meeting said that Finance Minister Ishaq Dar chaired a meeting on the Reforms and Resource Mobilisation Commission (RRMC) at the finance division.
Mr Dar highlighted the current economic and financial outlook of the country during the meeting. He shared that, in spite of challenges, the government is determined to set the economy on a positive trajectory by introducing reforms in various sectors in order to achieve economic stability and growth.
The chairman of the commission, Mr Tola, presented an interim report containing the recommendations of the commission to the finance minister.
The minister further appreciated the efforts of the RRMC in recognising issues and challenges in the existing taxation system and for devising valuable suggestions for reforms in the revenue policies for resource mobilisation, ease of doing business, and taxpayer facilitation to achieve sustainable economic growth.
The meeting deliberated upon the suggestions being put forward by the commission and agreed to come up with business-friendly tax reforms after interacting with all the stakeholders. Mr Dar extended absolute support to the commission to ensure fast-track implementation of the reforms.
The finance minister constituted an 11-member RRMC on Dec 1 last year, with the task of recommending measures for bringing reforms within the taxation system of the country and also suggesting tax proposals for the next budget.
Published in Dawn, April 30th, 2023
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