Wealth and taxes

We are not as poor as we assume our country to be. The spectre of the PSL’s opening ceremony and the record opening of Tim Hortons in Lahore, amidst the most serious economic crisis in a generation, are a reminder of Pakistan’s tremendous potential. We might be down, but we are far from out. The discrepancy between the figures and graphs and what we see in our shopping malls, restaurants, roads and wedding halls points towards a huge informal economy. The wealth and incomes of many small- and medium-sized and family enterprises are undocumented. Such businesses pay no taxes and their assets do not exist on paper.

There is a need for more extensive, detailed and complete record-keeping and documentation. This will contribute substantially to our GDP, helping restore investor confidence. Moreover, if we are to invest in infrastructure and public services like the developed countries, we need to expand the tax base.

Muhammad Mubasir Khan Akhrota

Bhakkar