Presentation on tax amnesty 2018 (Pakistan - Tax Amnesty 2018 by Arsalan YaqoobArsalan Yaqoob
Arsalan Yaqoob is a a corporate finance professional by profession and also passionate about transforming organisations and lives; he is dedicated, ambitious and goal-driven trainer with 8 years’ progressive experience in professional training of Business Analysis subjects (E pillars) of CIMA, BMS of ICAP, Strategic Business Leader (SBL) of ACCA.
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Almighty ALLAH SWT has equipped him with professional certifications and academic qualification, in professional he is Professional Accounting Affiliate (PAA-ICAP), ACCA Member, PIPFA Member, and CIA (USA) Member and in academic he has completed post-graduation / 16 years of education from Karachi University. His accountancy career was started with big audit firm, first move to industry was with TRG (A high-tech US Based MNC conglomerate) group Companies (namely Digital Globe Services – DGS Group) listed on London Stock Exchange (AIM), at present he is working as a senior finance professional at leading organization in healthcare industry (Services & Pharma Manufacturing, both).
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As a true transformational trainer his journey has been like a roller coaster from ICAP Inter-firm presentation skills competition to teaching ACCA Paper F4 at Hot FM105; he champed Chartered Accountants’ Students Association Conference 2012 as a lead presenter on Topic “Hope sustains life” – As a professional trainer he is loaded to connect Academia with Corporate Industry, his next big thing is to progress with his methodology and sharing the same in books and videos.
Presentation on tax amnesty 2018 (Pakistan - Tax Amnesty 2018 by Arsalan YaqoobArsalan Yaqoob
Arsalan Yaqoob is a a corporate finance professional by profession and also passionate about transforming organisations and lives; he is dedicated, ambitious and goal-driven trainer with 8 years’ progressive experience in professional training of Business Analysis subjects (E pillars) of CIMA, BMS of ICAP, Strategic Business Leader (SBL) of ACCA.
.........
Almighty ALLAH SWT has equipped him with professional certifications and academic qualification, in professional he is Professional Accounting Affiliate (PAA-ICAP), ACCA Member, PIPFA Member, and CIA (USA) Member and in academic he has completed post-graduation / 16 years of education from Karachi University. His accountancy career was started with big audit firm, first move to industry was with TRG (A high-tech US Based MNC conglomerate) group Companies (namely Digital Globe Services – DGS Group) listed on London Stock Exchange (AIM), at present he is working as a senior finance professional at leading organization in healthcare industry (Services & Pharma Manufacturing, both).
......
As a true transformational trainer his journey has been like a roller coaster from ICAP Inter-firm presentation skills competition to teaching ACCA Paper F4 at Hot FM105; he champed Chartered Accountants’ Students Association Conference 2012 as a lead presenter on Topic “Hope sustains life” – As a professional trainer he is loaded to connect Academia with Corporate Industry, his next big thing is to progress with his methodology and sharing the same in books and videos.
EH&S planning and management is stressful and complicated. Staying organized, mitigating risk and keeping compliant can often times seem impossible. This webinar will teach you best practices for mitigating risk at your facility and how to optimize your compliance calendar to stay organized and stress free,
Reporting deadlines and requirements for RCRA, DOT, SPCC, OSHA and more.
Reminders for regular inspectionsincluding eyewash & safety showers and fume hoods
Training requirements for primary regulatory bodies
Anthony Galliano - Tax Forum Siem Reap Presentation - SME TaxAnthony Galliano
Presentation at the Eurocham Cambodia Siem Reap Tax Forum by Cambodian Investment Management Holding Group CEO on Small and Medium Enterprise Tax Issues and Incentives covering Recent Regulatory Change and Preventive Measures for Tax Audits.
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@Pi_vendor_247
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@Pi_vendor_247
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t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
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@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
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Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
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US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
3. Five Key Questions
– Was there any pressure for tax reforms?
– What was the process of tax reforms?
– What Happened? How was the structure
of tax system changed?
– What impact did the reform have on the
goals of revenue adequacy, economic
efficiency, equity, and capacity to
effectively administer the new tax laws?
and
– What general lessons can be distilled
from country’s tax reform experience.
[Tax reforms in Developing Countries
by Prof Wayne Thirsk (1997)]
3
4. Intellectual Foundations
of Tax Reforms
• Tax Reform Process needs to be analyzed
within the normative framework of
Optimal Theory of Taxation [Newbery and
Stern (1987)];
– For any revenue objective, the optimal tax
reform strives to maximize an explicit SWF that
balances vertical equity gains against tax-
induced losses in the efficiency of resource
allocation;
– In other words a pattern of tax rates on different
tax bases that minimizes the efficiency cost of
taxation;
– Non-uniform taxation to ensure equity and
efficiency objectives – higher tax rates on
commodities and resources that have inelastic
supply or demand and vice versa. 4
5. 5
Inadequate Resource
Mobilization
The Pressure for Tax Reform
• The resources generated through tax and
non-tax sources are insufficient to meet
growing expenditure needs;
• The performance of international trade
sector to provide support for fiscal
imbalances is generally week –
continuous trade and current account
deficit;
• Reliance on external sources of finance
(either bilateral or multilateral) exposes
the economy to additional risks and
increases its vulnerability.
6. 6
Inadequate Resource
Mobilization
Some of the Reasons
• Modest Tax Effort – Stagnant and low Tax/GDP
Ratio – developed economies have tax/GDP ratios in the range
of 30% to 40%, developing economies in the range of 15% to
25%, and less developed economies below 15%;
• The Performance of sub-national governments is
less than satisfactory;
• Fuel surcharges as a source of revenue – big
question mark;
• Complexity of Tax Laws, Rules and Procedures
makes it difficult for the taxpayers to exactly know
their tax obligations;
• Domination of international trade and production
related taxes curbing investment and economic
activity – reducing the multiplier and accelerator
effects;
(continued)
7. 7
Inadequate Resource
Mobilization
Some of the Reasons
• Reliance on Indirect Taxes leading to
regressive tax system and excess burden
on final consumers;
• Narrow tax base due to exemptions and
concessions;
• High tax rates and other distortions
enticing tax evasion and tax avoidance;
• Primitive and antiquated tax administration
– persisting with manual record keeping
with limited IT support ;
• No scientific approach to handle tax
matters – until recently virtually no
research on critical areas such as tax
incidence, enterprise taxation, tax-gap on
sectoral basis etc.; and
• No respect for the taxpayers.
8. 8
Tax Policy &
Administration
(Prior to Reforms)
o Major emphasis of tax policy during 1970s and
most of 1980s was on increasing tax rates;
o Tax was levied on ‘easy to tax’ areas – for
example at production stage (excise) and at
import stage (customs);
o High protective barriers through tariff and para-
tariffs (infant industry argument);
o Seriously Regressive Sales Tax Structure;
o Extremely high corporate rates – discrimination
between different types of corporations.
o Complexity of Laws & Procedures and
arbitrariness in their application; Manual
record keeping; Complete assessment and
examination; Cylindrical tax administration
setup.
9. 9
Winds of Change
• Somewhere in 1980s there was a realization that
the tax system needs restructuring and reforms.
Since then, different Task Forces and Research
Groups were constituted and their contribution
has resulted into following valuable
studies/reports:
– Report by the National Taxation Reform Commission
(1986);
– Report by the Resource Mobilization and Tax
Reforms Commission (1994);
– Report on Income Tax Reforms (2001);
– Several Reports by the Task Force on Reform of Tax
Administration (2001);
– Strategy and Priorities for Tax and Customs
Administration Reform (2001)
– The Strategy Document on Tax Reform (2001)
– Pakistan: A Preliminary Assessment of the Federal
Tax System (2006) and
– Tax Policy in Pakistan: An Assessment of Major
Taxes and Options for Reform (2008)
10. 10
What did they Say?
• Report by the National Taxation Reform
Commission (1986);
– ‘The rates of direct taxes too high, tax
laws complicated and procedures
inconvenient for the taxpayers,
harassment of taxpayers by the tax
collectors quite common, complaints of
corruption against tax collectors in
abundance, the bulk of indirect taxes
derived from the lower middle income
groups, lack of public confidence in the
system, customs tariff excessively
biased towards revenue, rates of custom
duty high leading to mis-declaration and
smuggling’
11. 11
What did they Say?
• Report by the Resource Mobilization
and Tax Reforms Commission (1994);
– ‘The rates of taxes too high,
withholding tax rates need
rationalization, too many pending
appeals and huge burden of litigation,
orders are harsh and arbitrary, lack of
transparency, no incentive for record
keeping, tax education program not
working, no research and policy
planning, too many exemptions and
narrow sales tax base’
12. 12
What did they Say?
• Report on Income Tax Reforms (2001);
– Purpose: To revise income tax law and move the
system in the direction of uniformity of tax
treatment, reducing dependence on withholding
taxes, reviewing the appellate hierarchy and
consolidating, simplifying and redrafting the
statue.
– Corner stones of new policy: universal self-
assessment, no immunity from audit, efficient
audit arrangement, and documentation.
– Wide-ranging recommendations on rate
structure, threshold, K-Gains tax, WHT, VC under
self-assessment, minimizing tax exemptions,
grievance redressal system, and compulsory
record keeping.
13. 13
What did they Say?
• Task Force on Tax Administration (2001);The report has
five volumes and covers finer details of the system to offer
new insight for undertaking comprehensive reforms.
Briefly the report recommended that:
– The Organizational Structure of CBR and its field offices need
fundamental changes, especially it encouraged creating
separate slots for Member (Audit) and Member (Legal) within
CBR,
– There should be an improvement in the design of human
resource management system, revision is desired in
recruitment, training, compensation, evaluation and promotion
system and salaries to aligned with market rates
– There should be maximum autonomy to the tax
administration,
– Internal Audit Divisions be setup at Collectorates,
– Regional Collectors be established, and
– Taxpayers Assistance Units be setup to streamline the
contact between taxpayers and tax officials.
– The annual revenue targets should be realistic,
– The report also required automation of the system to ensure
quick data retrieval and use.
14. 14
Tax Policy &
Administration
(The Process of Reforms)
o Reduced tax rates to minimize tax evasion and
allow market forces to work;
o Switch from tax on ‘production and investment’
to tax on ‘consumption and income’ – for
example GST in VAT mode and reduced reliance
on excise duties;
o Substantial rationalization and reduction of
tariff and complete elimination of para-tariffs
(reduction in anti-export bias);
o Gradual reduction in corporate rates to make
investment internationally competitive.
o Undertake wide-ranging reforms related to tax
administration and system and procedures
15. 15
Finer Details
Related to Reforms
Three Areas
1. Tax Policy Reforms
2. Tax Administration Reforms
3. Reforms in Systems &
Procedures
16. 16
Tax Policy Reforms
related to
tax rates and basic threshold level
– Transition from ST to GST
• Zero-rating concept and Multiple Rate Structure
– Decision to Rationalize and Reduce Tariff
• Bound and Applied Tariff Structure -- consistency
with WTO
• Resolving Issue of Tariff Peaks and Escalation
– Decision to reduce reliance on Excise
Duties
• Nevertheless, GST on Services in FED Mode
– Change the composition of Direct Taxes –
rate reduction and broadening of base
• Change in Advance Tax Regime
– Too quick and too much – fairly high cost
(incomplete tax substitutibility)
17. 17
CHANGES IN INCOME TAX
REGIME
• Tax-free Basic Threshold increased
from
– Rs. 40,000 – Rs. 50,000 in 1996-97
– Rs. 50,000 – Rs. 60,000 in 2001-02
– Rs. 60,000 – Rs. 80,000 in 2002-03
– Rs. 80,000 – Rs. 100,000 in 2003-04
– For salaried persons, it was further raised
to Rs. 150,000 in 2006-07.
– PCY in 99-00 Rs. 27,471, increased to Rs.
66,548 in 07-08
• Introduction of small company
concept with low rate of 20% in FY
2005-06
• Special tax rates for salary and non
salary taxpayers since 2006-07.
18. 18
DOWNWARD REVISION IN CORPORATE
RATE STRUCTURE
(BANKING, PUBLIC AND PRIVATE COMPANIES)
Assessment
Year
Banking
Company (%)
Public
Company (%)
Private
Company (%)
1992-93 66 44 55
2002-03 50 35 45
2003-04 47 35 43
2004-05 44 35 41
2005-06 41 35 39
2006-07 38 35 37
2007-08 35 35 35
19. 19
Historical Development of Sales Tax (GST)
Standard Rate Structure
Year Rates
90-91 –1994-95 12.5%
1995-96 18%
1996-97 18% and 12.5%
1997-98 18%
1998-99 12.5% and 15%
1999-2001 15%
2001-2003 15% and 20% on some items
Plus 3% further tax
2004-05 onwards 15% rate adopted and concept of zero-
rating introduced starting with ginned
cotton and extending to export related
industries
2007-08 Higher rates of 17.5% and 20%
introduced for selected commodities
2008-09 POLICY REVERSAL: Rate Increased to
16%
20. 20
TARIFF REDUCTION
MAXIMUM STATUTORY RATES AND
EFFECTIVE RATES OF CUSTOMS DUTIES
FY Maximum
Statutory
Rates
Effective Rate
wrt Dutiable
Imports
Effective Rate
wrt Total
Imports
1993-94 80 38 25
1994-95 70 36 24
1995-96 65 33 22
1996-97 65 24 19
1997-98 45 22 17
1998-99 45 18 14
1999-00 35 18 12
2000-01 35 17 10
2001-02 30 12 8
2002-03 25 16 10
2003-04 25 14 10
2004-05 25 13 9
2005-06 25 13 8
2006-07 25 12 7
POLICY REVERSAL: For many items rate increased to 35% in
2008-09 and the number of slabs increased to many from four.
22. 22
Reforms Related to Tax
Administration & Procedures
• In an effort to improve efficiency of workforce,
the reforms in the area of tax administration
took the following shape:
– Transformation of FBR and Field Offices on
Functional Lines and Reorganization field offices into
two streams dealing with internal and international
trade taxes
– Simplification of Laws, Procedures, and Return Forms
– Implementation of Self-assessment Scheme
– Alternate Dispute Resolution System and Reduction
in the Litigation Burden
– Automation of Business Processes
– HR Initiatives
24. Impact Analysis?
• It is rather easy to find out what happened
and why but not easy to evaluate the success
or merit of a particular tax reform episode.
Many reasons for that:
– Success or failure has to be judged on the basis of
trade-offs made between competing objectives
(equity vs efficiency or administrative simplicity vs
fairness)
– Lack of precision in measuring the impact of
reforms (partial equilibrium vs general equilibrium
analysis on the basis of available data)
– More than one approaches to measuring tax
incidence and the efficiency benefits
24
25. 25
Escalation in Revenue
Receipts
(Easier Part)
• In the legacy system it took CBR forty two years
to collect the first Rs. 100 billion (1947-48 to
1989-90);
• Within next five years, this amount was doubled
and crossed Rs. 200 billion in 1994-95;
• Another seven years, the collection crossed Rs.
400 billion in 2001-02;
• Further five years and the collection crossed Rs.
800 billion mark in 2006-07; and
• FBR crossed the historic one trillion rupees mark
in 2007-08.
• Concern about absolute vs Relative Increase.
26. 26
Tax Structure of Pakistan:
Significant Change in the Tax Mix during 1990-91 &
2006-07; not only between direct and indirect taxes
but also within indirect taxes
1990-91
DT, 18.0
FED, 20.9
CD, 45.7
GST, 15.4
2006-07
DT, 39.3
CD, 15.6
GST, 36.5
FED, 8.5
28. Recent Evaluation
• The efficiency costs of tax system to the economy
continue to be high – METRs vary drastically between
sectors;
• Frequent changes in tax legislation have made the
overall tax structure incoherent and tax base narrow
– tax reforms piecemeal disconnected no mechanism
of ex ante evaluation of tax policy changes;
• Significant horizontal inequities – similar income
receives dissimilar tax treatment, issue further
complicated by shoddy enforcement – compliant
taxpayers bear the maximum burden, non-compliant
taxpayers go scot-free;
• Tax system remains overly complex due to
preferential treatment, exemptions, and ad hoc
changes in tax structure;
• Tax administration remains weak – tax reliance on
easy to tax handles rather than innovative thinking
and application.
28
29. 29
CHALLENGES AND
CONSTRAINTS
• The major challenges are:
1.Ownership (or lack of it) of REFORMS
2.Policy Reversals – inconsistency of
policies
3.Lack of political will to address the issue
of low Tax/GDP Ratio in relation to
comparable economies;
o Mismatch between Sectoral Contribution in
GDP and Taxes;
o Low Contribution of Sub-national Governments
4.Low Level of Compliance;
o Deliberate inaction to understand tax base
5.Large Underground and Informal
Economy; and
6.Absence of Tax Culture.
30. 30
Tax/GDP Ratio
FY Total
Revenue
Tax
Revenue
Federal
Taxes*
FBR
Revenue
Sur-
charges
Provincial
Taxes
1999-00 13.4 10.6 10.1 9.1 1.0 0.5
2000-01 13.2 10.5 10.1 9.3 0.7 0.5
2001-02 14.0 10.8 10.3 9.1 1.2 0.4
2002-03 14.8 11.4 11.0 9.4 1.4 0.4
2003-04 15.1 11.9 11.4 9.2 1.1 0.5
2004-05 14.3 10.6 10.1 9.1 0.4 0.5
2005-06 14.9 11.3 10.9 9.4 0.7 0.5
2006-07 15.6 10.9 10.5 9.7 0.7 0.4
2007-08 15.3 10.6 10.1 9.6 0.5 0.5
* Also includes collection on account of Foreign Travel Tax, Airport tax and
other minor federal levies
31. 31
Narrow Tax Base:
Sectoral Contribution in terms of Net Indirect Taxes
• Nearly 80% of all indirect (net) taxes originate from
only eighteen commodities and close to 70% from
ten commodities;
• About 50% of all indirect taxes during FY 07-08
generated by five commodities, namely POL,
Telecom, Automobiles, Edible Oil, and Cigarettes
and Tobacco;
• POL including LPG has the highest contribution –
nearly a quarter of all tax receipts;
• The Telecom sector is the send largest contributor
with close to 8% share in indirect taxes;
• Cement industry paid 1.9% of indirect taxes;
• The contribution of Sugar industry during Current
fiscal year was only 1.7%; and
• The share of Textile Sector was close to is 1% in
gross terms but negative in net terms.
32. 32
Narrow Tax Base:
Sectoral Contribution in terms of Direct Taxes
• The direct tax contribution of major sectors is also
fairly skewed;
• On the whole, Oil & Gas, Banks, and Telecom are
the leading contributors to direct tax collection;
• The share of oil and gas sector till February 2008
was close to 19%, followed by financial sector
contribution of 16.2% and telecom 7.2%;
• Within Manufacturing Sector, the contribution of
leading sectors is as follows:
– Fertilizer 1.8%; Misc. Manufacturing 1.7%; Textile 1.5%,
Cooking Oil and Ghee 1%; Pharmaceuticals 1% etc;
– The contribution of sugar and cement industries is 0.1% each!
• Within services sector, after banks, commerce and
trade, construction, and transportation sub-sectors
have contributed towards direct taxes. All other
services have negligible contribution.
33. 33
Level of Compliance
Income & Corporate Tax
• Overall Position
• NTN Holders: 2.75 million
• NADRA Verified NTN Cases: 2.16 million
• Returns Processed: 1.75
million
• Share of Processed to Verified Cases: 81%
• Corporate Position 2006 2007
• Verified NTN Cases: 32,742 37,189
• Returns Filed and Processed: 14,006 16,444
• Compliance: 42.8% 44.2%
34. 34
Analysis of Corporate Cases
• Of 14,006 cases of TY 2006, those
showing
– Business Income*: 4,763 (34%)
– Business Losses: 3,354 (24%)
– NIL Income: 5,889 (42%)
• Of 16,444 cases of TY 2007, those
showing
– Business Income: 4,395 (26.7%)
– Business Losses: 2,571 (15.6%)
– NIL income: 9,478 (57.6%)
* Income means Taxable Income
35. 35
Corporate Returns for TY 2006 & TY 2007:
Trends in Business Income
• Of 4763 & 4395 corporations
declaring taxable income in 2006 &
2007*, respectively
– 1098 (23%); 768 (17.5%) declared income
of up to Rs. 100,000 only – i.e., monthly
income of up to Rs. 8,333 only!!!!!!
– 1193 (25%); 1309 (29.6%) declared
income within the range of Rs. 100,000
and Rs. 500,000;
– 1968 (41%); 1778 (40.5%) have shown
business income of above One million;
* These include e-Portal and Banxis Returns
36. 36
What Needs to be
Done?
• The Tax/GDP ratio has to improve
by at least 5 percentage points
within next ten years to be among
competing countries; Specifically,
the overall Tax/GDP ratio has to
increase from 10% to 15%, and
Total Revenue to GDP ratio from
14% to 19%.
37. 37
GAP Between Status Quo and
Alternative Scenarios
Tax/GDP Ratio under Alternative Scenarios
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
2005-
06
2006-
07
2007-
08
2008-
09
2009-
10
2010-
11
2011-
12
2012-
13
2013-
14
2014-
15
2015-
16
2016-
17
Tax/ GDP Ratio under AS Tax/GDP under SQ
38. 38
Policy Prescription for 5%
Increase!
• Within the taxation system, the
weaknesses in the two future taxes,
namely income and corporate and GST,
especially low level of compliance and
narrowness of base, will have to be
addressed through tax-gap analyses and
microsimulation models;
• Tax Policy reforms to emerge from
further research on enterprise taxation
and tax incidence;
• (continued)
39. 39
Policy Prescription for 5%
Increase!
• Efficiency gains have to be ensured
through frequent perception surveys and
comprehensive list of Key Performance
Indicators (KPIs);
• Loopholes in the system will have to be
plugged thru automation and other
Administrative/ Legislative Steps; and
finally,
• Base expansion thru withdrawal of
exemptions and minimization of the SRO
culture
• Of course there are many other options –
but only if there is motivation for
investigative research and political will
to implement it.