Business
April 17, 2021
ISLAMABAD: Pakistan s economy appears to be struggling less amid the coronavirus challenges compared to its regional counterparts with the country’s key economic indicators on the rise, a public policy research organisation said on Friday.
There has been improvement in purchasing power, credit to private sector and growth in large-scale manufacturing, according to Policy Research Institute of Market Economy (PRIME). In January, Pakistan prosperity index (PPI) stood at the highest mark of 126.1 points. The prosperity index reveals an encouraging picture of economic rebound, it said in a statement.
To calculate scores, the Pakistan prosperity index utilises data from Pakistan Bureau of Statistics, and State Bank of Pakistan on monthly basis. The analysis is contingent on the growth rates of four macroeconomic indicators of prosperity: trade volume, consumer price index, quantum index of large-scale manufacturing industries and long-term financing facility
FPCCI holds webinar on tax regime
Business
March 16, 2021
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday held a webinar on the present tax regime in collaboration with Policy Research Institute of Market Economy (PRIME).
Economist Dr Ikramul Haq said he had designed a tax reform model that would bring paradigm shift in the taxation structure of Pakistan. Rate of tax should be flat, lower with broad tax base, he said, adding that taxpayers should not have to deal with multiple revenue and non-revenue agencies.
“Presently, all broad-based and buoyant sources of revenue are with the federal government, and contribution of provinces in total tax revenues (Rs4,748 billion) for the fiscal year 2019-20 (11.4 percent of GDP) was merely 8 percent. All provinces together generated taxes of Rs414 billion and non-tax revenues of only Rs102 billion,” he explained.
PM urges simplifying taxation process to facilitate businesses
Premier heads meeting to review tax reforms; orders to plug loopholes, ensure transparency
Prime Minister Imran Khan heads a meeting of the senior officials. PHOTO: FILE
ISLAMABAD:
Prime Minister Imran Khan said on Friday that the taxation system should be reformed and structured in a way that it facilitates businesses and helps the country s economy grow.
This was observed by the premier while chairing a meeting attended by Finance Minister Hafeez Shaikh, Minister for Planning Asad Umar and Minister for Industries Hammad Azhar.
Advisors Abdul Razzaq Dawood, Dr Isharat Hussain, Dr Waqar Masood, Tabish Gohar, Nadeem Babar, chairman investment board and other senior officials were also among those in attendance.
A mixed report card
This writer is the former editor of The Express Tribune and can be reached @Tribunian
For any government in Pakistan, one of the biggest challenges has been tax collection and reform. Part of the issue is fixing the tax collecting mechanism and the other is to promote a tax paying culture. Pakistanis, in many instances, are willing to bribe their way to stay out of the tax net. It will take more than one committed administration to change that culture.
A report recently released by an independent think tank tells us that with half of its five-year life over, the present government has fared only slightly better than its predecessors. The Policy Research Institute of Market Economy in its review of tax reforms under the PTI government looks at the last two and a half years from August 2018 when the party came to power. It notes that of the 10 promised tax reform related targets set by the government, only one has been fully achieved. But the good news is that
Govt misses tax reform targets
In last 2.5 years, out of 10 promised targets, only one has been fully achieved
PM says national economy is getting stable by the day PHOTO: REUTERS
ISLAMABAD:
In the first half of its five-year constitutional term, the government has made very little progress towards achieving 10 electoral promises about reforming tax system, ending corruption in tax machinery and moving towards more equitable taxation, says a report of an independent think tank.
Over the last two and a half years, out of the 10 promised tax reforms related targets, one has been fully achieved, according to a review of tax reforms under the Pakistan Tehreek-e-Insaf (PTI) government by the Policy Research Institute of Market Economy (PRIME). The PTI came to power in August 2018.