(a) Briefly explain indirect taxes applicable in Pakistan

 (a) Briefly explain indirect taxes applicable in Pakistan. (04)

(b) State one objective of tax laws in each of the following cases: (i) High tax rate on high income (ii) Higher taxes on import of luxury goods (iii) Tax credit on donations to approved institutions (iv) Tax credit on investments (v) Creation of tax free zones (vi) Tax on income of individuals and companies (vii) Tax on transactions not made through normal banking channel (viii) Zero rating under the Sales Tax Act, 1990 (06)