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Need for increasing tax revenues

State Bank of Pakistan has called for measures to increase tax revenues with a focus on the structural problems in the fiscal system and not be guided by expediency. Taxation reforms "should address the following issues: (i) widening the tax base by eliminating a broad range of tax exemptions; (ii) improvement in FBR's image and clamping down on leakages to minimise tax avoidance and evasion; and (iii) enhancing compliance and strengthening the tax (Second Quarterly Report for FY14) administrative capacity.

Similarly, broad-based reforms in the energy sector and restructuring of loss-making PSEs, are the prerequisite to contain the fiscal burden and create space for undertaking development spending. The needed revival in public investment is likely to crowd-in the private sector by expanding opportunities for it. In addition to all these issues, internal security concerns continue to disrupt domestic economic activities. Without a solution to these challenges, it will be very difficult to revive domestic investment, which is required to put the country on a high growth path.

Copyright Business Recorder, 2014



 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln