Taxed beyond measure



• When a state is able to collect taxes and spent major chunk of its revenues on the welfare of its citizens, it is usually characterized as a civilized democratic state.
• With one of the lowest GDP and with the bulk of state expenditure going to defence and debt serving .
• Expences of the state are in the region of 18-20 percent of the GDP and its tax revenues hover around 8 to 10 percent of the GDP.
• There are two options to bridge the deficit in such situation.
• One is to borrow and pass the buck on the future generations.
• The second is to deficit financing is to print money-
• Printing more money pressurizes the economy and is considered the most regressive form of taxation as its burden falls disproportionately on the poor.
• The state should reduce its expenditure rather than tax further.
• The list of those who are exempted makes a wonderful list. they art
• Textile tycoons
• Lather kings
• Carpet barons
• Agriculturists
• Stock brokers
• Real estate agents
• Those who included in tax but evade impunity they are
• Doctors
• Lawyers
• Shopkeepers
• Consultants
• Service providers
• Big and small traders
• SCEP (securities and exchange commission )
• 39 percent registered companies with SCEP are not even registered with it. Only 31 percent of them file their tax returns.
• According to survet employee work force in country is 50 million and a mere 2.1 million file there income tax returns.

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