Islamabad :Islamabad Chamber of Small Traders (ICST) on Monday said the deteriorating economic situation call for the government to introduce meaningful reforms without any delay.
The government must change its attitude towards critical exports sectors and stop penalizing the sectors paying highest level of taxes, it said. The government should keep promises of its manifesto which envisioned to make Pakistan a developed economy, said Patron ICST Shahid Rasheed Butt.
He said that the critical areas needing immediate reforms include energy, taxation, trade, the central bank, investment scenario, agricultural, tax, and exports. Circular debt has swelled to the all-time high, agriculture covering 20 per cent of the GDP is not paying the due share in taxes while the government is not inclined to collect taxes from this sector, he added.
Shahid Rasheed Butt said that budget deficit continues to climb on the back of unabated imports, investments are drying up while exports are going down. The government has not allowed autonomy to the central bank despite the promise and it has failed to achieve the target of returning loans taken from the SBP, he added. He noted that the tax system is repressive at best, collectors continue to treat taxpayers are criminals which is widening the gulf of distrust which is unfortunate.