{"id":100012,"date":"2024-10-17T12:11:59","date_gmt":"2024-10-17T07:11:59","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=100012"},"modified":"2024-10-18T10:29:00","modified_gmt":"2024-10-18T05:29:00","slug":"wealthiest-5-avoid-taxes-fbr-chairman","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/wealthiest-5-avoid-taxes-fbr-chairman.html","title":{"rendered":"Wealthiest 5% avoid taxes, amnesty schemes undermine system: Chairman FBR"},"content":{"rendered":"\n<p>Karachi:<strong> <\/strong>Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has revealed that even the wealthiest 5% of Pakistanis do not pay taxes and also criticised the amnesty schemes for their negative impact on the taxation system. Information referenced here is drawn from articles published on October 17.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-extends-tax-filing-deadlines-again.html\" target=\"_blank\" rel=\"noreferrer noopener\">Tax filing deadline extended by FBR amid calls for balanced tax reforms<\/a><\/p>\n\n\n\n<p>As per details, Langrial expressed optimism about a potential reduction in interest rates by 150-200 basis points, emphasising that cultivating a strong tax culture is the only sustainable solution to the nation\u2019s economic woes. He supported Federation of Pakistan Chamber of Commerce and Industry (FPCCI) demand to target tax evaders rather than penalise long-standing taxpayers, noting that current tax revenues are primarily directed toward debt servicing, which he deemed harmful to economic stability.<\/p>\n\n\n\n<p>Concerns were raised by FPCCI Senior Vice President Saquib Fayyaz Magoon regarding the FBR\u2019s ambitious revenue target of PKR 12.9 trillion, which marks a 40% increase year-on-year while the economy grows at a mere 2%. <\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/kcci-seeks-fbr-relief-on-sales-tax-affidavits.html\" target=\"_blank\" rel=\"noreferrer noopener\">KCCI seeks FBR relief on Sales Tax Affidavits, cites audit complications<\/a><\/p>\n\n\n\n<p>Langrial further stressed the need to reform and lower income and corporate tax rates, criticising the practice of collecting taxes only to cover debt servicing. He pointed out that 95% of citizens are poor and contribute to national revenue primarily through sales tax, while only 5% of the population is wealthy, shouldering most of the tax burden. However, he acknowledged that some individuals within this wealthy group evade their tax responsibilities.<\/p>\n\n\n\n<p>In a related development, the government has extended the deadline for filing income tax returns for the tax year 2024 to October 31, providing relief to those who could not meet the previous deadline of October 14 due to banking disruptions in Islamabad and Rawalpindi. As of October 14, the FBR had received approximately 4.537 million income tax returns, a significant increase from 2.183 million during the same period last year. To match last year\u2019s total of 6.464 million returns, the FBR requires an additional 1.927 million submissions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has revealed that even the wealthiest 5% of Pakistanis do not pay taxes and also criticised the amnesty schemes for their negative impact on the taxation system. Information referenced here is drawn from articles published on October 17. Read: Tax filing deadline extended by FBR amid calls for balanced tax reforms As per details, Langrial expressed optimism about a potential reduction in interest rates by 150-200 basis points, emphasising that cultivating a strong tax culture is the only sustainable solution to the nation\u2019s economic woes. He supported Federation of Pakistan Chamber of Commerce and Industry (FPCCI) demand to target tax evaders rather than penalise long-standing taxpayers, noting that current tax revenues are primarily directed toward debt servicing, which he deemed harmful to economic stability. Concerns were raised by FPCCI Senior Vice President Saquib Fayyaz Magoon regarding the FBR\u2019s ambitious revenue target of PKR 12.9 trillion, which marks a 40% increase year-on-year while the economy grows at a mere 2%. Read: KCCI seeks FBR relief on Sales Tax Affidavits, cites audit complications Langrial further stressed the need to reform and lower income and corporate tax rates, criticising the practice of collecting&hellip;<\/p>\n","protected":false},"author":89,"featured_media":99068,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[3362,50904,54453,6037,58820,54568,58585],"persona":[],"class_list":{"0":"post-100012","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-fbr","9":"tag-fbr-news","10":"tag-fbr-news-and-updates","11":"tag-fpcci","12":"tag-pakistan-tax","13":"tag-zameen-news","14":"tag-zameen-news-and-updates","15":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u00a0Wealthiest 5% avoid taxes: FBR chairman - Zameen News<\/title>\n<meta name=\"description\" content=\"FBR Chairman Langrial reveals that the wealthiest 5% evade taxes, criticizing amnesty schemes for undermining the system.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/wealthiest-5-avoid-taxes-fbr-chairman.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u00a0Wealthiest 5% avoid taxes: FBR chairman - Zameen News\" \/>\n<meta property=\"og:description\" content=\"FBR Chairman Langrial reveals that the wealthiest 5% evade taxes, criticizing amnesty schemes for undermining the system.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/wealthiest-5-avoid-taxes-fbr-chairman.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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