Syed Mazhar Ali Nasir, Former Senior Vice President of the Federation of Chambers of Commerce and Industry (FPCCI) and Vice chairman of UBG Sindh Region has stressed the need for comprehensive tax reforms to expand the tax net and alleviate the burden on existing taxpayers. Mr. Nasir emphasized that the current economic situation, marked by a staggering 60% inflation over the past two and a half years, necessitates a shift in tax policy.

Existing taxpayers face immense challenges, with shrinking business activities and heavy inflation. Furthermore, the government faces a significant tax shortfall of over 180 billion in the first four months. Mr Nasir lamented policy weakness, which has led to abnormal profits for certain protected sectors, encouraging unlawful trade and corruption and causing a brain drain from Pakistan.

To address these challenges, Nasir proposed inducting new taxpayers instead of burdening existing ones, introducing relief in electric and gas tariffs, reducing rates by Rs 12 per unit across all consumer categories and ensuring uninterrupted, consistent supply, implementing the agreement on a take-and-pay basis to reduce the electric tariff, and rectifying policies that have led to abnormal profits, unlawful trade, and corruption.

Mazhar Nasir also urged the FBR to withdraw the discretionary power of IR officials.