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Summary
Federal finance minister Abdul Hafeez Sheikh has confessed that there are some serious discrepancies in the taxation system of the country while he also said that the implementation of the reformed GST would not add to the already prevailing wave of inflation, Dunya News reported on Monday. The federal minister, during a meeting of the standing committee of finance, said that a wrong conception is being projected and professed amongst the masses as if the government is implementing some new taxes whereas the case is the other way round and the government just wants to reform the taxes already present. He further said that the flood tax is a new tax and the masses would be briefed about its nature and reason of implementation. The federal minister added that everyone has his own view of the taxes just to fulfill his own vested interests. Dr. Sheikh also said that the previous governments could not increase the rate of taxes proportionately with the national income. Earlier Senator Haroon Akhter said during the meeting that there are several ways to increase revenue. He said that instead of expanding the tax net and implementing taxes on the real estate business, the entire burden is being shifted to the shoulders of poor masses. He also termed the GST Bill 2010 as illegal. Senator Professor Khurshid Ahmed said that many points of the bill need to be reviewed and that the legislation of the bill should not be done in an unnecessarily hasty manner.
