{"id":14059,"date":"2023-10-14T07:26:04","date_gmt":"2023-10-14T07:26:04","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/reforms-could-enhance-taxes-share-in-pakistans-economy-wb\/"},"modified":"2023-10-14T07:26:04","modified_gmt":"2023-10-14T07:26:04","slug":"reforms-could-enhance-taxes-share-in-pakistans-economy-wb","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/reforms-could-enhance-taxes-share-in-pakistans-economy-wb\/","title":{"rendered":"Reforms could enhance taxes share in Pakistan’s economy: WB"},"content":{"rendered":"
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ISLAMABAD: The World Bank has said tax reforms could enhance taxes share in Pakistan\u2019s economy by two percent, ARY News reported on Saturday.<\/strong><\/p>\n

Imposition of tax on the agriculture income could increase taxes share in the economy by one percent, according to a WB report.<\/p>\n

In Pakistan 114 million people are employed, while only 8 mln are registered as income taxpayers, the bank stated.<\/p>\n

\u201cDirect taxes have only 33 percent share in the country\u2019s tax revenues as indirect taxes have major share in taxation revenues,\u201d World Bank report said.<\/p>\n

The bank\u2019s report pointed out that the real estate sector enjoys more investment owing to lesser rate of taxation in the sector. There is lesser value of investment in production sector owing to investment in real estate, according to the lender.<\/p>\n

Taxation rate on land has been less in Pakistan, \u201cNinety percent cultivators are not liable to pay tax,\u201d bank report stated.<\/p>\n

\u201cAgriculture land could also be utilized for other objectives for revenue generation,\u201d World Bank suggested.<\/p>\n

\u201cPakistan have a complicated taxation system. Jurisdictions of the federation and provinces are unclear in taxation matters and an overlapping among the centre and provinces also affects the tax collection revenues,\u201d report added.<\/p>\n

\u201cThe people in two major areas in the provincial jurisdiction \u2014 real estate and agriculture \u2014 had most of the untaxed wealth, which should be taxed by the provincial governments to be able to improve services and reduce the financial burden on the centre,\u201d a media report earlier quoted the WB officials as saying.<\/p>\n<\/div>\n<\/div>\n