Finance Minister Ishaq Dar underlined the need to enhance the tax base of the country, saying the country’s economy needed to be distanced from the politics.
“Many countries in the world enhanced the ratio of taxes after the COVID pandemic so we also have no other option except to enhance tax-to-GDP ratio,” he said while addressing a ceremony in the federal capital.
Backing the track and trace system of the Federal Board of Revenue, Dar said some reporting issues had developed regarding some industrial sectors.
He said the country’s economic management failed to deliver in the last four years, adding Pakistan’s loans increased from Rs30 trillion to Rs54 trillion in volume.
Dar said debt-to-GDP ratio of several countries was much more than Pakistan, adding he had been advocating for a Charter of Economy for a long time.
He said if some countries including Bangladesh were interfering in the currency market, Pakistan had no exception.
The minister said the smugglers and hundi mafia had taken the country s economy hostage as urea and huge quantity of US dollars were being smuggled at the Chaman border.
“The government has launched an anti-smuggling operation to curb smuggling,” he maintained.