ISLAMABAD: Council of Islamic Ideology Chairman Maulana Mohammad Khan Sherani stated that oblique taxes are contradictory to the teachings of Islam and prohibited in Sharia.
“Taxes might be imposed solely on revenue,” Sherani stated whereas addressing a press convention on the finish of a two-day seminar on Islamic system of financial system.
The CII chairman maintained that tax can’t be collected from the top shoppers on the acquisition of a product as an alternative it must be collected from the industrialist and merchants.
“The top shopper is the last word sufferer of oblique taxes,” Sherani stated including that tax have to be collected from industrialist and merchants on sale of a product as they’re the beneficiary who’re incomes from it.
Maulana Sherani held that each one the oblique taxes are prohibited in Islam.
Know extra: Is indirect taxation the best means of raising revenue?
The financial system based mostly on paper foreign money shouldn’t be robust sufficient and gold is the extra acceptable medium, he added.
“The paper foreign money is simply based mostly on the facility of the state has and no standing within the form of a strong materials,” he stated.
“The gold dinar coin was used within the Islamic world from the eighth century onwards and survived in sure elements until nineteenth century,” Sherani stated.
The CII chairman stated capitalism is about to fall after the collapse of communism and the world should go for Islamic financial system to satisfy the challenges confronting the financial system.
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