Squeezing the poor:  Govt wants ordinary people to pay for its own follies
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2015-11-16 14:38:23

Squeezing the poor:  Govt wants ordinary people to pay for its own follies

pakista

The International Monetary Fund (IMF) said on that if the Federal Board of Revenue (FBR) wants to achieve its envisaged Rs1,952 billion target in the current fiscal year, the government will have to take additional revenue measures by slapping more taxes to get the desired results otherwise there will be slippages in it.” A senior official of IMF said that the current account deficit (CAD) would turn into deficit this year because exports would decrease because of lingering crisis in the European market where Pakistan’s made-up possessed major share.  When asked about any specific number related to the budget deficit target agreed between Pakistan and the IMF, the representative of the donor agency said that Islamabad was not into the IMF programme and recently concluded talks were just consultative nature under Article IV. “But Pakistan needs to manage its fiscal deficit because any unsustainable situation would starting impacting external account with certain time lag,” he added. All that the government achieved – over and over again – was getting the Fund to approve repeated downward revisions of revenue targets. That means, in simple terms, that Dar sb’s ministry was unable to collect stipulated tax revenue even as this outgoing IMF program rolled on. And each time it promised to expand the base next time, and each time ended up begging for another downward revision.

Interestingly, every time the Fund would relent, Dar sb would sell it as a major step forward back home. For some reason, the finance minister equated his inability to gather desperately needed tax revenue, and IMF’s acceptance of the failure, as a commendable achievement for the national economy. But now the joyride is about to come to grinding halt. For one thing, the IMF program is about to expire next year. And considering its unimpressive performance, whether or not another will come remains doubtful. For a government long since reduced to borrowing to stay solvent, this presents yet another existential dilemma. It could, of course, simply raise the Rs40b in unconventional taxes required by IMF and qualify for the new program. That would solve its balance of payments problems at least until the next election. But Dar sb must know by now that unconventional taxation, too, is easier said than done in the present environment. He is still struggling with his WHT smart idea. How, then, will he shove the Rs40b tax requirement down the middle class’s throat? True, the government promised expanding the tax net during the last general election campaign. However, it must have realised soon after its victory, if not long before it, that introducing necessary tax reforms would have required action against some of its own senior members. And now it has finally come to the point where it will have to make ordinary people pay for its own follies. 

pk.shafaqna.com

 

 

Categories:   Pakistan ، Business ،
Tags:   pakistan ، IMF ، CAD ، WHT ،
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