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Pakistan

Economic experts for structural reforms in economy, taxation

ISLAMABAD: The economic experts here Thursday called for making structural reforms in national economy in order to o
Published September 13, 2018

ISLAMABAD: The economic experts here Thursday called for making structural reforms in national economy in order to overcome the twin deficit including budget and current account deficit by curtailing the non-developmental expenses and bringing drastic reforms in taxation system.

They also asked for rationalizing the development projects under Public Sector Development Programme despite the slashing the development projects as a cut Rs 100 billion would lead to reduce over 96,000 job opportunities and enhancing the burden of unabsorbed work force.

The event " National symposium on state of economy", organized by the Sustainable Policy Development Institute, aiming at to provide a policy guidelines for the government as it was intended to bring changes in the Finance Bill.

Addressing the symposium, Dr Hafiz A. Pasha said that from last several years, some structural problems had emerged which had led to widening the budget deficit along with current account deficit due to debt servicing and increase in the defense expenditures.

Besides, he said that revenue sector was not diversified and focus were not paid on non revenue collection to bridge the financial needs of the government for social sector development, adding that fiscal deficit must not exceed by the 5.6 percent of Gross Domestic Production.

Dr Pasha expressed his dissatisfaction on the decision of last government to introduce tax relief and termed it unrealistic and suggested that the tax limit must be increased to Rs. 800,000, besides rationalizing the import tariff.

He also asked for the broadening the tax base and making compulsory the national tax return number to bring more people under tax net, despite increasing the tax rates. He proposed 25 percent duty on imports in order to protect the local industry.

Hafiz Pasha said that it must be make mandatory that registration of company with Securities and Exchange Commission of Pakistan with NTN, adding that capital gain and taxes on property must be enhanced.

Speaking on the occasion, Shahid Hassan Kardar asked for revisiting the concurrent list after 18th constitutional amendment as there were 40 divisions and 200 autonomous bodies and institutions were operating in the country.

Right sizing these institutions would help to reduce the expenses of the government and help in bridging the gap between income and expenditures.

He observed that pressure on current account was increased due to appreciation of exchange rat, decrease in exports and increase in imports and increase in oil and gas prices in international markets.

He said that contrariety to common perception, IMF programme would ease of pain of correction gradual path and provide breathing space.

He opined that IMF must likely to behave as a lender of last resort, not expected to impose non-economic conditions.

He said that with an IMF programme current account deficit of US$ 12 billion could be financed comfortably.

Addressing the event former Chairman Planning Commission of Pakistan highlighted the initiatives taken by out going government and urge for taking short and medium term strategies to overcome the economic challenges.

He stressed the need for taking special measures to promote the agriculture sector by using the modern mode of cultivation and efficient use of natural resources including water and soil.

Copyright APP (Associated Press of Pakistan), 2018

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