Call to avoid mini-budgets, indirect taxes on people

LAHORE
Introducing mini-budgets on a regular basis should be discouraged after the annual budget in the country as such budget adds to public worries; the taxation system in the country is unbalanced and influx of indirect taxes is extra burden on people.
These views were expressed by the experts at Jang Economic Session on ‘Decline in petroleum prices - increase in taxes - what public get’. The panellists were Imtiaz Cheema, Hussain Ahmed Sherazi, Hamid Malhi, Munir Ahmed Khan and Manzoor Malik while the session was hosted by Sikandar Lodhi.
Imtiaz Cheema said taxation system in the country was unbalanced and influx of indirect taxes was pushing society backwards. He believed that indirect and sales taxes could neither run the states nor increase savings. He said ratio of decline in petroleum prices in Pakistan was lower than the international rates while it did not have any positive impact on prices of edibles or other items which was a major public problem.
He said small scale manufacturing was adversely affected due to energy crisis while the government had failed to come up to the public expectations. He called for utilising the full impact of declined petroleum prices for economic gains.
Hussain Ahmed Sherazi said the solution of all public problems was linked with good governance in which Pakistan was lacking far behind. He said taxation system in Pakistan was based on injustice in which 80 percent taxes were indirect which was major cause of public problems. He said decline in petroleum products prices did not resolve public issues.
He believed that cost of production of everything would have been reduced after decline in petroleum prices which increase the profits and savings rates while ensuring transfer of its benefit was the government responsibility.
He said circular debt could be controlled with good governance. He said by spending tax money on documented economy employment opportunities could be increased, which could decrease inflation and stabilise the value of rupee.
Hamid Malhi said that consumption of petroleum products was minimum in Pakistan, while diesel rates were not reduced. He said it was fact that government did not have resources for subsidies but facilitating steel sector and given import duties rebate was injustice with agriculture sector which was affecting its performance. He said $6 billion relief in import bill for government should also be shifted to public. He called for increase in literacy rate, focusing on human resource development for rural development.
Munir Ahmed Khan said reduction in petroleum price was not any favour of government to public rather its impact of international prices passed on. He said it was the provincial governments’ responsibilities to ensure its benefits to public. He called for ending mini budget after annual budget as it was insult of parliamentarians who approved the budget in assembly. He said if government could not control energy crisis, then at least stop electricity and gas theft.
Manzoor Malik called for protecting the industrial sector and industrialisation for employment generation. He said comprehensive policies required for both agriculture and industrial sectors.
He said burdening the people with extra taxes in the ongoing circumstances was cruelty to public. He said easy taxation system was necessary for documentation of economy and ending the fear of taxes among public, reducing the rate of indirect taxes so that public could get relief. He called for comprehensive reforms to end imbalance in the economy and society.