‘Long-term strategy needed to improve socio-economic system’ 

Jang Economic Session

LAHORE: The forthcoming budget will be a conventional budget as it was in the past. Attempts will be made to satisfy people with false claims as revenue collection and export targets are not achieved in this fiscal year. 

These views were expressed by the discussants at Jang Economic Session on ‘Budget 2017-18, economic realities and expert opinion’, on Tuesday. The panellists were Abdul Wadood Khan, Mustafa Ashraf, Dr Yasir Mehmood, Imran Afzal and Riaz Masood while the session was hosted by Sikindar Lodhi.

Abdul Wadood said the government should make commitments to improve economic conditions in the next budget and should avoid making false promises with people. He said exports had declined, but gimmickry of numbers had become a routine which affected the economy. He said tax machinery should take interests in increasing revenue collection. He suggested that there should be a transparent accountability from top to bottom and honest leadership. 

Mustafa Ashraf said no special preparation was being made at government level for the next budget so it will be a conventional budget. He said no expectations could be made with ad hoc economic policies while long-term visionary strategy is needed to improve socio-economic system of the country. He said shortfall in revenue collection was Rs 200 billion while decline in tax returns shows that the department is not interested in collecting tax. He said complexity in taxation system was reason for lack of interests of the taxpayers while non-filers are free and peaceful. He called for making taxation system easy, stressing it should have soft corner for five years with taxpayers.

Dr Yasir Mehmood called for filling tax returns mandatory on every citizen in the budge toend difference between filler and non-filer. He said revenue shortfall is due to decline in exports, remittance, revenue collection, and circular debt will reach around $6 billion. He said 80 per cent national income depends on indirect taxes, and it is increasing problems for public and economy.

Imran Afzal said the growth is impossible with economic betterment while policies are made for individual growth and prosperity. He said lack of accountability in institutions was affecting the system while equal accountability and justice system should be implemented to resolve issues. He said if incentives will not be given to exporters, trade deficit will increase. He called for inclusion of non-taxpayers in taxation system.

Riaz Masood said pensioners are considered burden on economy, but the current economy growth is result of their past work. He said due to unequal pension policy, problems are increasing for the pensioners. He said separate pension system was being implemented in corporations. He said election promises for increasing old age benefits were not implemented. He called for special incentives of medical, travel, tax, house making and others for aged people in Pakistan.