In a sobering announcement from Gujrat, Defence Minister Khawaja Asif revealed on Sunday that Pakistan is teetering on the verge of an economic default, with bankruptcy looming ominously. He pinpointed rampant tax evasion, especially among the elite and major commercial sectors such as retail and wholesale, as a critical factor undermining the nation’s financial stability.
Speaking to reporters in Sialkot, his native city, Asif expressed regret over the government’s current inability to alleviate the public’s economic burden. Despite this, he offered a glimmer of hope, asserting that the administration’s economic strategies are expected to bear fruit in the next two years, promising brighter prospects for the populace.
Asif criticized the unequal distribution of tax burdens, highlighting how salaried individuals bear the brunt of taxes, whereas others shirk this fundamental obligation. He also pointed out that legal entanglements have held up tax-related litigations worth Rs2.6 trillion, with the judiciary and bureaucracy accused of political maneuvering rather than fulfilling their roles efficiently.
Yet, amidst these challenges, Minister Asif remains optimistic about a potential economic revival within the next 18 to 24 months, contingent on the successful enactment of government policies aimed at alleviating the financial hardships faced by the citizens.”
