Lawmakers say imposition of such heavy taxes may lead to an acceleration of brain drain from the country
\n ISLAMABAD
\nLawmakers including allied political parties on Friday lambasted the government for imposing more taxes on salaried class and facilitating the holy cows \u2013 especially the real estate and agriculture sectors \u2013 through subsidies and exemptions.
\nTaking part in the budget debate in the National Assembly, they said that the imposition of such heavy taxes on the salaried class is simply irrational, which may lead to an acceleration of brain drain from the country.
\nThey called for drastic changes \u2013 through incorporating the budgetary proposals from the MPs \u2013 in the federal budget to give more relief to the masses and bringing the holy cows under the tax net, as this is the time to tighten the noose around the tax evaders.
\nSalaried group: calculate your income tax for FY24 here
\nTaking part in the debate, Muttahida Qaumi Movement-Pakistan\u2019s Dr Farooq Sattar stressed the need to do away with the continuity of traditional budgeting and proposed to make the budget pro-people and pro-business for sustainable growth.
\nThere should be a difference between an overtaxed or wrongly-taxed budget and a growth-oriented budget, he said, adding the exorbitantly higher prices of electricity, gas, potable water and petroleum are the fundamental issues of the common people, which need to be addressed on a priority basis.
\nThrough the Finance Bill 2024-25, the tax rate for salaried individuals earning between Rs50,000 to Rs100,000 per month has been doubled.
\n\u201cThe proposed increase would see the tax rate go up from 2.5 per cent to 5pc on all income earned above Rs50,000 in this bracket,\u201d he lamented.
\nSalaried class: Higher income tax rate of up to 35pc imposed
\nHe said that the agricultural income of feudal lords and big landlords should be brought under the tax net without any further delay instead of overburdening the salaried class with more taxes.
\nSattar termed the budget for 2024-25 as traditional, reflecting continuity of policies for the last 77 years, adding there are countries in the world where there are no taxes at all, but it is Pakistan where the traditional budget with heavy taxation on the poor has become a norm.
\n\u201cThe country\u2019s current debt servicing issues [\u2026] most budget allocations are used for this purpose. We need to get rid of what we\u2019re doing through traditional budget for the last over seven decades,\u201d he added.
\nHe continued that it is the responsibility of the government to prepare the budget by keeping the interests of the masses in mind, but it is unfortunate to note that every budget is meant to facilitate a handful of elite.
\nHe called for relief measures for the poor in the budget and asked the government to revise the National Finance Commission (NFC) Award.
\nHe stressed the need to resolve Karachi\u2019s water issues and to allocate more funds to improve the city\u2019s drain system. He also advocated for more incentives to attract foreign direct investment and for policies that encourage a growth-oriented economy.
\nRana Atif of Pakistan Tehreek-e-Insaf-backed Sunni Ittehad Council called upon the government not to give a step-motherly treatment to his party\u2019s lawmakers.
\nHe called upon the government to resolve the issue of IPP capacity payments and to take steps to further enhance the country\u2019s imports.
\nAsia Naz Tanoli of the ruling Pakistan Muslim League-Nawaz (PML-N) said that the poor segment of the society must not be ignored, adding the budget should be people-friendly.
\nShe said that the PML-N solved the longstanding issue of load-shedding in the country when it came to power in 2013, adding more funds were allocated for development projects all over the country.
\nShe claimed that the PML-N government had a history of saving the country from bankruptcy and sacrificing its politics for the betterment of the masses.
\nOmer Farooq of PTI-backed SIC said that rampant corruption is the root cause of all the ills in the country, adding PTI\u2019s motto to eradicate the menace of corruption is the only solution to put the country on the path to prosperity.
\nHe stressed the need for more relief to the agricultural, industrial, and information technology sectors, saying these sectors would create more job opportunities for the people.
\nRaja Khurram Shahzad Nawaz of PML-N said that better travel, education and health facilities should be provided to the residents of the federal capital.
\nHe proposed to withdraw capital gain tax on the real estate business in Islamabad.
\nAnother PML-N MP Zulfiqar Ali Bhatti said that all the politicians should get united to steer the country out of prevalent political and economic crises confronting the country.
\nSajid Khan of PTI-backed SIC proposed to open all 12 routes with Afghanistan to boost trade between the two countries.
\nHe said the unnecessary taxes imposed on merged districts of Khyber-Pakhtunkhwa \u2013 either by the federal or the provincial government \u2013 should be withdrawn immediately to end the sense of deprivation among the people of the region.
\nShahram Khan Tarakai of PTI-backed SIC suggested that the enhanced sales tax on pharmaceuticals should be withdrawn, adding the prices of drugs have already gone up and the new taxes will make things even worse.
\nJamal Shah Kakar, Mujahid Ali Khan, Mian Khan Bugti, Shamsher Ali Mazari, Rana Atif, Amjad Ali Khan, Arshad Abdullah Vohra, Muhammad Ahmed Chattha, Anwar Taj, Khurram Shahzad Virk, Usama Ahmed Mela, Shahid Ahmed, Ihsan Ullah Virk, Abdul Latif, Sohail Sultan, and Syed Shah Ahad Ali Shah also took part in the budget debate.
\nAt the onset of the session, the opposition leader in the National Assembly condemned the imposition of Section 144 in Punjab and asked NA deputy speaker Ghulam Mustafa Shah to give a ruling that the ban was a constitutional violation.
\nThe deputy speaker said that it was a \u201cprovincial matter\u201d and expressed the hope that it would be sorted out.<\/p>\n","protected":false},"excerpt":{"rendered":"
Lawmakers say imposition of such heavy taxes may lead to an acceleration of brain drain from the country ISLAMABAD Lawmakers including allied political parties on Friday lambasted the government for imposing more taxes on salaried class and facilitating the holy cows \u2013 especially the real estate and agriculture sectors \u2013 through subsidies and exemptions. Taking […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-413990","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n