PBF demands uniform taxation to increase revenue.

KARACHI -- Pakistan Businesses Forum (PBF) President, Sahibzada Mian Usman Zulfiqar on Monday says masses and businesses are struggling with rising inflation, higher unemployment and the economic damage caused by the pandemic were at glance. In this regard uniform taxation could be vital for government to increase their revenues so that it can be injected in our economy.

Speaking at online seminar 'a new trade order after post covid-19', he said the government may also take immediate and meaningful steps to increase credit to the private sector - such as through tax incentives. 'Private sector credit in Pakistan is currently at just 18.8% of GDP, versus 50% in India.' More credit to the private sector will have a multiplier impact on GDP growth.

Our exports have not changed much since the Indus Valley Civilisation traded cotton and grain with Mesopotamian empires over 5,000 years ago'. Cotton textiles and foods still account for over 70% of Pakistan's exports. We need specialised industrial zones that will be based on manufacturing of goods to export but for new products and markets.

As Pakistan's economy had been teetering for some time and the COVID-19 pandemic has made the situation even worse for its outlook.

The PBF President further suggested: "In order to reshape the economic cycle, government may immediately find the new avenues to increase the tax collections so that government could also have a breathing...