Government has introduced savings schemes with higher profits for the welfare of widows, Shuhada Families, senior citizens, and pensioners but also introduced ten percent tax on the profit. This tax is to be paid by recipients of the profit through some lengthy procedure not known to the majority.
A question arises as to why these profit recipients including old, weak, sick have to go through the hassle of tax payment when the government can give them tax deduced profit in the first place. Also, this logic of paying profit from government treasury and then deducting ten percent which consumes valuable time and material without giving any profit to the government needs examination.
It is hoped that ten percent tax on profits of savings schemes designed for welfare of widows, Shuhada Families. senior citizens and pensioners will be abolished in Naya Pakistan to save the recipients from hassle of tax payment.
M. AKRAM NIAZI,
Rawalpindi.