Prime Minister Imran Khan has shown his intention to do away with all of the unnecessary withholding taxes increasing the price of daily-use items while stressing upon the provinces to allow easy loans to the common people so that they can have their own homes.
In addition, he said that the country must do everything in its power to revamp the tax authority i.e. the Federal Board of Revenue to increase the tax collection and generate more revenue in the country.
He asked the provincial governments to utilize the online portal set up by the federal government to ensure easy and accessible housing is available to all.
State Bank of Pakistan (SBP) Governor Reza Baqir also informed the PM of the steps taken by the SBP to provide loans to the poor and middle-class segments of society on easy installments.
National Bank of Pakistan, Allied Bank Limited, Meezan Bank, Bank Al-Habib, Habib Bank, and Bank of Punjab heads also apprised the prime minister of the provision of loans under the Naya Pakistan Housing Programme. They told the PM that special and dedicated desks had been set up at various branches across the country for this purpose and the process of getting loans had been made easy both under the Islamic and conventional banking systems.
Regarding the proposed overhaul in the tax system, the PM said that the country needs to ensure maximum use of technology in revenue collection so that the entire process could be automated.
He said the human contact between the authorities and the people paying their taxes should be totally done away with as it leads to exploitation.
While speaking on the various taxes imposed on taxpayers, PM Khan said the special focus should be given to eliminating unnecessary withholding taxes. He said that the FBR should come up with a plan to create a system that benefits the small and medium enterprises.