Nawaz directs Miftah to introduce tax reforms
LAHORE: Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif has instructed Prime Minister’s Adviser on Finance Economic Affairs and Revenue Miftah Ismail to implement tax reforms to strengthen the economy.
During a meeting at his Raiwind residence, Nawaz instructed Miftah to refund 100 per cent sales tax to exporters by February 15 this year, and to reduce the individual tax rate immediately to provide relief to the public – not keeping the rate more than 15 per cent.
Nawaz also asked the adviser to ensure no income tax is levied on monthly income of up to Rs 0.1 million. The PML-N chief also shared concerns of industrialists, saying that they were worried about the gas prices and Gas Infrastructure Development Cess (GIDC), and asked Miftah to decrease the rates immediately so that Pakistani industrialists could compete effectively with those from rest of the world.
After being appointed as PM’s finance adviser late last year, Miftah had expressed the resolve to take several measures for enhancing the tax net to increase revenue with the consultation of all stakeholders. “We want to facilitate new tax filers and lessen the tax burden on middle class citizens for balancing tax distribution,” he had said, adding that the government planned tax reforms to focus on widening the tax base, simplifying tax structures, and slashing personal tax rates to encourage more people to file returns.