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Presumptive Taxation under Pakistan’s Income Tax

In Pakistan, income tax is the second major source of tax revenue after sales tax for balancing the government’s budgets. The income tax system is structured into normal and presumptive tax regimes. In this article, the author discusses the presumptive/final tax regime as a source of tax revenue with a focus on social equity, economic efficiency, and fairness. Some possibilities with regard to how to reduce dependence on such a regime in order to minimise economic and legal distortions are also discussed.