Pakistan is under a mountain of debts, we are eating & drinking by taking loans: PM Shehbaz Sharif
ISLAMABAD (92 News) - Prime Minister Shehbaz Sharif has said that Pakistan is under a mountain of debts and they are eating and drinking by taking loans.
Addressing a ‘Tax Excellence Awards’ ceremony on Tuesday, he said thanks God it was Ramazan, otherwise they will have to offer tea to the audience from the loans.
"Our visitor thinks that we are carrying a begging-bowl in our armpit even though we do not carry the begging-bowl," he added. "How will the kitty be filled if we do not plug the holes?"
The prime minister said that the government was introducing reforms in the system. "The government is going to fully digitalize the FBR, outsource the airports and privatize the airports," he added.
He said that Mian Mansha was the biggest tax-payer who paid the tax to the amount of Rs26 billion.
APP adds: Terming the highest tax payers as ‘heroes of the nation’, the prime minister announced significant incentives, including issuance of blue passport to them and conferring of Pakistan honour cards and honorary title of ambassadors of the country upon them.
He said the highest tax payers and exporters would be treated as honorary ambassadors of the country abroad and the country’s embassies across the globe would be directed to fully coordinate in this regard. He said that about Rs65 billion refunds had been issued to exporters upon his direction and he had also directed for making it a routine matter without any leniency.
Mentioning the country’s economic issues and challenges, he stressed that the government and private sector had to work closely to overcome them. “If we want to resolve these issues, like two wheels of a vehicle, the private sector and the government have to work closely and with the support of provincial governments, the federal government will address the issues faced by the private sector, end red tape with provision of enabling circumstances to them so that they can tread upon the development path,” the prime minister said.
The government’s role was not to do the businesses but it acted like a catalyst and through facilitation, consultative process and enactment of policies; they could lead Pakistan on path to progress, he added. The prime minister said that a nation’s voice was heard among the comity of nations when it had sound economic health.
“The time has arrived when all have to accept the challenge through best solutions,” he opined and stressed upon overcoming the past decades mistakes. “Implementation of policies with letter and spirit and under complete dedication is the strategy of the incumbent government to put country on path of progress,” he added.
He further reiterated that they should get rid of costly oil churning power units to provide comparative power supply to industries and said that he had directed the minister concerned and authorities to do away with such junk. About the FBR, he said they were taking measures for its complete restructuring and informed that next month, a consultant would be appointed.
The prime minister opined that about Rs27 billion were under litigation whereas revenue target was set at Rs9 trillion. He said underscored the need of appointment of competent tribunal heads to expeditiously dispose of the pending litigation, adding that he had also appealed to the chief justice for speedy disposal of such cases at the upper tiers.
He said the country’s tax collection stood around 9 per cent of the total GDP which was lowest in the region while huge chunk of tax was siphoned off. He said that if this massive leakage was not plugged, further imposition of taxes would not yield results and underlined the need to reduce tax slabs. He said that they required innovative tax initiatives. He also appreciated the tax collectors and the relevant departments who he said would also be given public recognition.
The prime minister referring to seeking of foreign debts said that it was grave matter and it was high time to indulge into self introspection. He emphasized upon an exports led growth, boosting of IT and agriculture development. "Youth bulge was a valuable asset for the country that should be imparted skilled education," he observed.
The prime minister also termed another IMF programme a requirement for the country’s economic stability. He mentioned the functioning of Special Investment Facilitation Council (SIFC) which was accelerating investment prospects by removing all hurdles. He said that Pakistan enjoyed excellent ties with China and said that the second phase of China Pakistan Economic Corridor (CPEC) would expedite the economic development.
Finance Minister Muhammad Aurangzeb, in his remarks, said that for development and growth, taxes on internal side and exports on external side were drivers for development. He stressed upon end to end digitization to plug the loopholes and structured reforms.
