They have built their own fortunes while the poor masses have borne the brunt of their devious machinations. According to the World Bank, poverty in Pakistan shot up to 39.4% as of last fiscal year with 12.5 million more people falling into the trap due to poor economic conditions. The IMF’s emphasis on expanding the tax net by taxing the wealthy segments of society, bringing agriculture and real estate sectors into it, and focusing more on giving relief to the poor masses, is an unavoidable recipe for putting the economy back on the rails. The only way Pakistan can pull itself out of this vicious circle is to act upon the recipe suggested by the IMF and the World Bank. There is no escape from taxing all incomes, irrespective of their source and reducing indirect taxation which directly affects the poor masses.

Source: The Nation September 29, 2023 16:36 UTC