Lahore: Former finance minister Dr Hafeez Pasha has stated that the government is expected to impose PKR 900 billion in taxes in its upcoming federal budget announcement, a new source reported. He further stated that the executive planned to impose these taxes in order to fulfil the requirements communicated by the International Monetary Fund (IMF).
Speaking at a seminar on Monday, the former government official said that the government had assured the IMF of its decision to introduce PKR 700 billion, PKR 900 billion, and PKR 1,200 billion in additional taxes during the next three years.
Pasha further stressed on developing the country’s tax system. He highlighted that currently, the country’s elite enjoyed PKR 1,200 billion in concessionary taxes. He added that this 10% of the population held 22% of the agrarian land and 80% of the bank accounts.
The former finance minister said that there was a need for
radical tax reforms via tough decisions in the upcoming budget. He advised that
those who could bear the taxes should share the burden of the country’s debt.
