LAHORE:The IMF’s demand for new taxes is tantamount to putting more burden on existing taxpayers while the new taxes should be imposed on undocumented segment of the economy. Inflation has reached every home. It is better at national level to promote made in Pakistan products and goods and imposed a ban on imported products. This will save dollars and reduce burden on foreign exchange reserves.
These views were expressed by the discussants at Jang Economic Session on ‘Increase in inflation in coming year- State Bank - what would be fate of public and businesses’. The panelists were Rehman Aziz Chan, Tayab Ijaz Qureshi, Sheikh Muhammad Anwar and Ms Kasur Naseem while moderated by Sikindar Lodhi.
Rehman Aziz Chan said that the improvement of anything is in admitting the facts. The problem is not with the government, but with the policymakers and the public. There is a need to change the mindset of the public. The public should reduce your expenses. The continuity of policies is very important. The tax collection has decreased compared to previous years. Governance is the real issue. Frequent changes in the finance ministers also created problems. Further, increasing political uncertainty in the country is having negative effects on both the economy and the people. If this situation persists rupee will further depreciate. There is a need to create a long-term policy roadmap in consultation with all stakeholders. Otherwise, Pakistan will face the worst inflation situation in the coming years.
Tayab Ijaz Qureshi said inflation decreases the demand and affects both businesses and commoners. Uncertainty is at its peak in the country. The inflation increased after the floods which created negative effects. LCs are not opening which hurting the exports. Pakistan ignored the human resource. Productivity, businesses, and trade are being affected with everyday new unforeseen challenges. The all segments of the economy should bring to the tax net on equality basis.
Sheikh Muhammad Anwar said the inflation has reached its peak in flood affected areas. People are going through the agony of inflation along with floods and unable to purchase onion, tomato and other basic vegetables. According to the State Bank of Pakistan, if inflation situation would not be changed it would become very difficult for the commoners to live. The elite of the country is living a luxurious lifestyle even in this high inflation rate while nobody is thinking about the people. The politicians and rulers should have mercy on the public, reduce their unproductive expenditure, stop using national resources and work for the welfare of the people.
Ms Kasur Naseem said that everyday growing inflation increasing public woes. The cost of distributing the ration by the social workers is also doubled which reduced the number of ration bags. This mean the social activists are unable to cater the public now they were doing before. The wrong economic policies are the reasons behind this high inflation. She asked for promoting the made in Pakistan products and boycotting the imported items.