Telecom Companies contributed 42.5 billion in Taxes during the last 5 years – RS News

Telecom Companies contributed 42.5 billion in Taxes during the last 5 years

Telecom services providers in Pakistan collectively paid Rs42,549.3 million in taxes during the last five years.

The major payment in taxes was recorded during the year 2013-14 when Rs10,358.3 paid in taxes the largest tax payment by telecom sector ever recorded in one single year. Year-to-year breakdown of taxes was revealed by finance division on Sunday.

During 2012-13 the total amount of tax was Rs6,419.3 and during 2014-15 the total tax paid to the government of Pakistan was Rs8,286.9 million which went down a little in the year 2015-16, during this period Rs8,149.5 million were recorded in taxes. And the last year was again up as compared all five previous periods except 2013-14, during 2016-17 the companies collectively paid Rs9,335.3 million in taxes.

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The major mobile cellular service providers in Pakistan are Pakistan Telecom Mobile Ltd (Ufone), CM Pak (Zong), Pakistan Mobile Communications (PMC) (Mobilink) and Warid Telecom which is now merged into Mobilink. All these companies contributed in the National Exchequer, the taxes were applied under the Income Tax Ordinance, 2010, Sales Tax Act, 1990 and Federal Excise Act, 2005 on the companies.

This is only one sector in Pakistan whose contribution is remarkable, there are others hundreds of thriving sectors in Pakistan that can contribute much larger share in the national exchequer. The sectors like FMCG, Automotive, Energy & Petroleum, Chemicals and Fertilizers, Textiles and many others can generate trillions collectively.

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Pakistan’s total budget outlay in 2017-18 was Rs4.75 trillion, effective tax policies and strong administration can collect the revenues which could surpass the expectations, according to ifs (2016) UK government estimated revenues from taxes were 665.1 billion pounds in 2016-17 which is equivalent to Rs95 trillion.