Will speak in parliament in favour of withdrawing advance income tax: Planning Minister

Hey there! Today, we bring you news from the world of politics. The Planning Minister of Pakistan, Asad Umar, announced on Wednesday that he would speak in parliament in favor of withdrawing advance income tax.

Umar made the announcement while addressing a meeting of the National Assembly Standing Committee on Finance. He said that the government was looking into ways to reduce the burden on taxpayers, and withdrawing the advance income tax was one such measure.

Currently, taxpayers in Pakistan have to pay a non-adjustable advance income tax of 5% on all services and goods. This is seen by many as an unnecessary burden, especially for small businesses and individual taxpayers.

According to Umar, withdrawing the advance income tax would not only reduce the burden on taxpayers but also simplify the tax code and make it easier for people to file their taxes.

The Planning Minister also said that the government was looking into other measures to improve the tax system, such as reducing the number of tax rates and making the tax filing process more user-friendly.

In conclusion, the announcement by the Planning Minister to speak in favor of withdrawing advance income tax is an important development in Pakistan’s tax system. If implemented, it could benefit millions of taxpayers and promote economic growth. Let’s hope that the government takes the necessary steps to make the tax system more efficient and less burdensome for all.