7 trillion new taxes to be imposed in May-June, analysts say
ISLAMABAD: Shahbaz Rana asked whether the steps that Pakistan was going to take should have been taken by itself or whether the umbrella of IMF was necessary for it.
Speaking on the Express News program “The Review”, he said that these are the steps that should be taken by any new government as soon as it comes. Tax reform is a big problem in Pakistan. No government is ready to do it, no matter which political government comes. Yes, that tax amnesty is declassified. The PTI government, which used to call it a corrupt practice, also gave two schemes.
Shahbaz Rana said that the power sector also has the same problems. The power structure was destroyed due to increasing theft and no one paid attention to it. Whatever political government came, it took an easy way to save its vote bank, while the vote bank did not survive and Pakistan’s economy was destroyed. At present, the various business groups and people in the country have been given tax concessions. The cost is Rs 1050 billion which is more than the cost of ML-1 railway track project, the amount has increased to 11384 billion which is more than your defense budget from which the government is going to spend 140 billion but the real bitter pill will come in May-June when six Taxes of Rs.
He said that the vested interests in Pakistan take away privileges. Kamran Yousuf said that the government has started withdrawing about 70 tax concessions, high-speed vehicles may also become expensive, not all the policies of the IMF are wrong but in some cases it also drastically reforms your economic system.
Leading businessman Arif Habib said that in terms of capital market and stock market where many groups are registered, it is not a very advocacy. They have withdrawn tax incentives from power sector and other sectors. The government will not benefit much from the increase in revenue, but it has been accepted to meet the IMF’s condition.