GUJRAT: Defense Minister Khawaja Asif stated on Sunday that Pakistan has been in a condition akin to default and is almost bankrupt, blaming the problem to pervasive tax fraud by the wealthy.
The minister noted that one of the main reasons for the nation’s economic problems was the reluctance of large industries like wholesalers and merchants to fulfill their tax obligations.
Speaking to the media in Sialkot, his birthplace, Mr. Asif conceded that the government was unable to provide the public with quick help. Nonetheless, he foresaw a promising future, stating that within the next two years, the public would start to reap significant benefits from the government’s present economic measures.
He bemoaned the fact that the salaried class bears a disproportionate amount of the tax burden, while others shirk this vital duty.
According to the minister, there are 2.6 trillion rupees worth of tax-related matters that are pending in court and the judiciary is not pressing for a resolution. Rather than doing their jobs, he charged the bureaucracy and courts with “playing politics in the country.”
But Mr. Asif anticipated that if the government’s initiatives were implemented successfully, the public would finally receive much-needed respite from the continued financial burden, and he hoped for an economic turnaround within 18 to 24 months.
