Finance Minister Shaukat Tarin has announced that there would be no new taxes in the upcoming budget. It is important to mention that the government is considering increasing its Public Sector Development Programme (PSDP) spending by at least 40 percent. It hasn’t been disclosed how the government will increase its revenue for the proposed spending. One can only assume that the country may consider borrowing money to cover the gap. Pakistan is already caught in a vicious debt trap and needs well-thought-out financial plan to get out of it.
Medical experts have often advised the government to raise taxes on sugary drinks and cigarettes. On the other hand, independent economists have also demanded additional taxes on luxury goods, which are consumed mostly by the elite, to raise revenues. Further, they suggest imposing a complete ban on the import of luxury and unnecessary items to reduce the inflated import bill. The rich should be taxed at a higher rate so that the government has enough money to launch programmes for the unprivileged. In our country, the poor ends up bearing the burden of taxes.
Arif Majeed
Karachi
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