The sad irony is that when experts in Pakistan think about documenting the economy, many jump to quick fixes like changing currency and demonetisation or discontinuing the Rs5,000 note. Countries like Estonia have successfully reformed their tax systems to make them more transparent, efficient, and conducive to economic documentation. The recent change in the Islamabad Capital Territory (ICT) Sales Tax on Services is a commendable step towards encouraging economic documentation. Such quick fixes may lead to public mistrust and destabilise the economy further. Such quick fixes may lead to public mistrust and destabilise the economy further.
