IMF’s proposal to tax the rich is laudable

The Pakistan Economy Watch (PEW) on Tuesday lauded the proposal of the IMF to tax the rich and subsidize the poor. Still, it is insufficient as the ruling elite will never impose taxes on nobility. It said that the IMF should force its proposal into reality to save Pakistan as the government lacks the courage to annoy the super-rich.

Out of 220 million population, only 3.5 million file tax returns while only 30 thousand shopkeepers pay taxes out of 2.2 million, which should not be allowed, said, said Brig. (retd) Aslam Khan, Chairman PEW.

In a statement issued today, he said that Pakistani elites live like kings without discharging the national obligation by paying taxes. The people are always made to pay to solve their problems.

This process has drained the country and should now be stopped; otherwise, the country will not remain functional.

Aslam Khan said that Pakistan is taking loans from International Financial Institutions to avoid bankruptcy and ensure the repayment of its loans.

The criticism of IMF is misplaced as every borrower has to ensure the return of its capital, he added.

He said that all the conditions of the IMF must be fulfilled within the deadline because, without it, more loans will not be available to Pakistan through other means.

The IMF wants to increase taxes and duties, making life miserable for the people because the ruling class will never tax the elite.

He said that the country’s economy could be managed without putting a heavy financial burden on the poor people and repay the debts if the rich classes were taxed properly. Still, it is not possible any time soon because it needs courage.

He said Pakistan is not a poor country, but the greedy aristocracy is slowly destroying it, adding that Pakistan has to return 27 billion dollars in the next financial year, which is not an easy task.

Posted in News Update.

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