Economic reforms key to achieve sustainable growth: experts

JAMSHORO: The Pakistan government should take effective measures to reduce non-development expenditures, enhance exports and revive sick industries for economic stability, experts said.

Speaking at a webinar, organised by the Sindh University’s Pakistan Study Centre in collaboration with the Islamia University Bahawalpur, the experts said Pakistan’s economic growth and stability depends on an efficient tax collection system and the government should bring all the income groups under the tax net.

Commissioner Inland Revenue, Multan Naib Pathan briefed the participants about the government’s vision and the problems being faced by it in broadening the tax base. He said that higher tax collection could only be achieved through broadening the industrial base.

The IR commissioner said the country’s exports could not be enhanced due to a number of issues; therefore, it was equally important to consolidate industrial activity for achieving exports growth.
The Sindh University vice-chancellor said the webinar on tax reforms had raised participants’ understanding regarding the tax system and the new initiatives taken by the government.

These initiatives will further contribute in improving the tax system and the overall documentation of the economy, he said, and stressed the need to support the industry by overcoming the energy shortages, reducing cost of doing business and curbing inflation.

“[The] policies for the economic revival should be key features of the next budget,” he added.

Pakistan Study Centre director Professor Dr Shuja Ahmed Mahesar said that the idea of organising a webinar on tax reforms was aimed at giving knowhow about the reforms and the new changes introduced by the government. He pleaded for creating awareness about the importance of the tax culture and said fair distribution of resources collected through taxes could reduce the socioeconomic disparities in the country.

Also Read

Pakistan shows significant signs of economic recovery: Outlook

KARACHI: With significant signs of economic recovery, the government would continue to...