Small wonder that there is a high demand for US dollars or gold or property in Pakistan. Since bank accounts, saving certificates and prize bonds are now taxed, the only options available for hiding your wealth in Pakistan are cash, in local or foreign currency or gold or in property, which can include income from agriculture. Despite the government’s efforts to digitalise the records of currency, gold and property, their illegal sale is rampant. The government needs to impose tougher punishments to curb this.
The estimated production of an agriculture farm can be obtained simply by measuring the land cultivated. This way estimated yield, estimated income and estimated tax can be calculated for each farm. Farmers can provide actual sale details at the time of tax payment. Unless all these avenues of hiding wealth are brought under the tax net, we can never see a healthy tax income for Pakistan.
Shahryar Khan Baseer
Peshawar
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