Islamabad, Pakistan: The Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has criticized the low level of tax contributions in Pakistan and the excessive spending on debt interest payments.
Langrial stated that the country’s tax revenue has remained stagnant since 2008 and is currently being used primarily to service debt. He emphasized the need for a more equitable tax system and urged taxpayers to fulfill their obligations.
Langrial noted that only 5% of the population pays taxes, while the remaining 90% do not. He called for a reduction in corporate tax rates and advocated for a more progressive tax system. Express Tribune
The FBR Chairman also highlighted the challenges faced by businesses due to the high interest rates and the need for a more supportive economic environment.
The FBR has extended the deadline for submitting income tax returns to October 31, 2024, to provide taxpayers with additional time to comply with regulations.