Effective tax mechanism to boost economic activities.

 
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LAHORE -- Less number of taxes, reduced frequency of payments and an effective mechanism of the refund payments would not only give a momentum to the economic activities but would also help further improvement in ease of doing business index. In a statement issued here on Tuesday, Lahore Chamber of Commerce and Industry (LCCI) President Irfan Iqbal Sheikh, Senior Vice President Ali Hussam Asghar and Vice President Mian Zahid Jawaid Ahmad said that Pakistan stands at an appalling position of 161st in the doing business ranking of paying taxes. According to the World Bank Doing Business 2020 report, Pakistani businessmen pay 34 taxes in a year as compared to Hong Kong 3, UAE 5, Ireland 9, Malaysia 9 and India 12 and these are the countries Pakistan has to compete in the world economy. They said that businesses in Pakistan make 1 payment of Corporate Income Tax in a year, 12 payments of Employer Paid-Pension Contributions, 12 payments of Social Security Contributions, 1 payment of education cess, 1 payment of property tax, 1 payment of professional tax, 1 payment of vehicle tax, 1 payment of stamp duty and 1 payment. They said that taxes are imperative to run the affairs of the...

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