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Tax Environment

In: Business and Management

Submitted By hooria
Words 5922
Pages 24
Subject: Financial Management
Project: Tax Environment and Its Relation with Financial Management Submitted By: Hooria Majid Submitted To: Sir Khalid Mehmood

ACKNOWLEDGEMENT
I would like to thank Allah Almighty for giving us the courage and devotion to complete this project.
I am highly grateful to our advisor Mr. Khalid Mahmood whose supervision and guidance in relation to selection of material for perusal and formatting of the research paper helped us to do the work on time and in a professional manner.
I extend my gratitude towards University of Lahore Islamabad Campus for giving me such kind of opportunities.

Thank you Hooria Majid

ABSTRACT
Taxes affect citizens, economy of the country, businesses, governance mechanisms, etc. Not only revenue mobilization, an effective system of taxation helps in formalizing the economy, encourages economic growth, shapes political cohesion between tiers of the Government, and results in increase in social sector service delivery. We are now quite used to hearing the rhetoric by the government and bureaucracy on how
Pakistan has one of the world’s lowest tax to GDP ratios since long (by their account it has stood between 9.50 and 10.40 percent in recent years), which also happens to be extremely low when compared to its neighboring countries and similar economies. So Government is unable to allocate reasonable funds for development projects. Although Pakistan has adopted best practices of the World through Income Tax Ordinance 2001 and formulation of Inland...

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