Top financial and economic experts in the nation, such as former finance minister Miftah Ismail, have emphasized that all industries must pay taxes in order to increase the country’s revenue base. They have stated that, given the numerous difficulties the nation has, the general public cannot be “served for free.”
The nation is experiencing a protracted period of economic instability, and a number of concerns are threatening the nation’s stability and well-being. To address these challenges and find solutions, Geo News is airing a show called “Great Debate.”
The largest and most significant “Great Debate” in Pakistan on economic matters provides viewers with the ideas and opinions of the nation’s leading economists and businesspeople.
The “Great Debate” is hosted by senior journalist and expert Shahzeb Khanzada on News.
Former leader of the Pakistan Muslim League-Nawaz (PML-N), Miftah, asserted that Pakistan could broaden the tax net in the same way that the rest of the world has. While noting that the tax to GDP ratio will hit 10% this year, that would still be insufficient, he claimed that the previous fiscal year was also “wasted” by not raising the tax net.
Ismail continued, “The situation in this country is that no tax is collected from the gold sector.”
He recommended doing away with the various tax rates applied to real estate properties and imposing sales tax at the industrial level in place of levying taxes on merchants.
