2024-05-06 13:30:40
Islamabad: The condition of Pakistan‘s economic condition is such that it reached the verge of bankruptcy last year, but at the last moment the bail out package of the International Monetary Fund (IMF) saved it for some time. At this time, Pakistan is once again standing in front of the IMF with outstretched hands and is appealing for financial help to save itself. At present, people in Pakistan are trying to somehow escape from the country, but its Prime Minister is busy competing with India. Shehbaz Sharif on Saturday said that if Pakistan works hard and honestly, it will leave behind India or even a bigger economy.
Tax evasion of 6.9 percent of GDP
Shehbaz Sharif’s comments have come at a time when Pakistan is facing cash crisis and tax evasion in the country is at its peak. Tax evasion (revenue gap) is estimated to be about 5800 billion Pakistani rupees ($20 billion) during 2022-2023, which is 6.9 percent of the gross domestic product (GDP). On the other hand, New Delhi has said this week that India has collected a record $ 25.15 billion (Rs 2097 billion) in the form of GST in April, which is 12.4 percent more than last year.
Addressing a function of the Federal Board of Revenue, PM Shehbaz Sharif said the country has the potential to collect Rs 24 trillion more revenue against the annual tax target of Rs 9.4 trillion. The Pakistani Prime Minister himself admitted corruption in his address. He said that due to corruption, revenue is being lost three times.
Sharif praised India
During this, Sharif praised India and said, “Pakistan is facing various challenges, revenue collection is a big challenge. Neighboring countries are far ahead of us.” He further said, due to corruption, the national treasury is being forced to go to the IMF to ask for loan. Sharif said that his government will not show leniency against corrupt officials.