Islamabad: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) President Atif Ikram Sheikh and Federal Board of Revenue (FBR) Anomaly Committee Chairman Gohar Ijaz have recommended a 30% tax on bank deposits of non-filers as part of taxation reforms. The reports on June 25 claimed that this announcement was made during a press conference at the FPCCI Headquarters.
According to the details, Chairman Ijaz emphasised that this tax targets black money, asserting that around 90% of non-filers’ money in banks is unaccounted for. He suggested that instead of banning foreign travel, non-filers should be barred from withdrawing funds until they pay the 30% tax and become filers.
President Ikram Sheikh highlighted the potential of this tax to generate PKR 13 trillion in a single day. He criticised the government’s imposition of PKR 2 trillion in taxes on the general public, and urged a 4.33% reduction in government expenditures, proposing a plan to be submitted to the National Assembly.
Further recommendations included terminating agreements with Independent Power Producers (IPPs) and introducing an Ushr tax on agricultural income to relieve the burden on the salaried class and exporters. Sheikh also advocated for a simplified tax return process, proposing a five-line or one-page form to increase the number of filers to 50 million, rejecting the concepts of late-filers and non-filers for equitable taxation.
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