" Maeeshat Ke Liye Hukoomat Ke Paas Ab Koi Short Kat Nahi Bacha. ." Aisha Ghaus Pasha
" Maeeshat Ke Liye Hukoomat Ke Paas Ab Koi Short Kat Nahi Bacha. ." Aisha Ghaus Pasha
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00:00FB ARC's target is 12,900 Arab Rupees.
00:03If we look at the last three budgets,
00:05new taxes of 500 to 600 Arab Rupees have been imposed.
00:08This time also, new taxes of 2300 Arab Rupees have been imposed.
00:12Now, the total tax limit is 3400 Arab Rupees.
00:15This 2300 Arab Rupees makes 2% of GDP.
00:18Where will this money come from?
00:21Bismillahir Rahmanir Rahim, thank you Meher for having me on your program.
00:26It is an important topic.
00:28The budget will be presented tomorrow.
00:30It is important that we realize the backdrop in which the budget is being presented.
00:35You know that the country is in a state of crisis.
00:45There has been an uncomfortable economy.
00:47We have been away from stabilization.
00:49We have done 24 AMF programs.
00:52This is an indicator of the economic situation.
00:56We are going to go to 25 AMF.
00:58When we are going into this background,
01:01we should be clear that the IWF will come and say,
01:09you get your own act together.
01:11The point is that Pakistan's tax to GDP ratio,
01:15if you compare it with the countries in our region,
01:19we do not have a good performance.
01:21Historically, we have not seen any growth.
01:26Despite all the taxes that you are talking about.
01:30The tax to GDP ratio was 13% for some time.
01:35It has come down again.
01:37The point is that the IMF is telling us,
01:41that you should remove the structural weaknesses of your economy.
01:47The biggest structural weakness of our economy,
01:51due to which we go into the fiscal deficit and current account deficit,
01:57is that we as a nation live beyond our means.
02:01We do not generate as much income as we spend.
02:05I will get to that.
02:06If you allow me, I will get to the trimming of the federal government.
02:10I just want to know,
02:11that because of the non-judicial tax system in this country,
02:14and even now we see that the tax payers give taxes of 300 billion,
02:18while the retailers give 71 billion.
02:20I mean, it is just fantastic how we do not see our political will.
02:24Especially the PMLN,
02:25that they take taxes from retailers and traders,
02:28because it is their vote bank.
02:29But times have to change.
02:30What you said about the background,
02:32it is staring us in the face.
02:34I have no question about why the IMF is doing this,
02:37and what the IMF is saying.
02:38These are things that we have to do.
02:40But I want to know,
02:41from which sectors will you collect this money?
02:44Today, the Minister of Treasury said,
02:46there are no holy cows.
02:47But there are always holy cows.
02:49Are you trying to tell me,
02:50that for the first time,
02:51you are going to impose taxes on retailers and traders in the country?
02:56Look, I request you,
02:58that you are absolutely right.
03:00We have tried this before,
03:03and we have retracked it.
03:04Yes, we have seen that again and again.
03:08But what I want to tell you,
03:10after the background,
03:11is that the times have changed.
03:14Now is not the time to leave someone,
03:19and say that our work will be done.
03:22Now we don't have to run the work.
03:24Now we have to put the country on a stabilized track,
03:28because now we have no shortcuts left.
03:31So you are saying,
03:32that retailers and real estate big guns will also have to pay taxes.
03:36You will also tap into the agriculture sector.
03:39Yes, if you want to put this economy on the right track,
03:44and if you want to generate adequate income,
03:48not only will you reduce expenses,
03:50but the income that you generate,
03:52now the tax that could have been imposed on the common man,
03:55has already been imposed.
03:57This is my own point of view.
03:58I understand this myself.
04:00Now, these sacred cows that we have,
04:02or we can call them elite,
04:03or we can call them strong,
04:05it is important to catch them.
04:08Because,
04:09and if,
04:10even now,
04:11the government,
04:12Yes, go ahead.
04:13Sorry.
04:14I am saying that,
04:15even now,
04:16if the government,
04:17this was the thinking of the Finance Division,
04:21and now it will be the Prime Minister's,
04:24and he will also tell us,
04:26even now,
04:27if we don't act,
04:29then we will not get the IMF program for the next three years.
04:33They themselves are saying to act.
04:35But,
04:36they don't go to you so easily.
04:37If you take the salary class to 45%,
04:40to tax,
04:41to put more burden,
04:42then nothing will come out of it.
04:43Because,
04:44you have set a target of 12,900 Arabian taxes.
04:46That is,
04:47you have to end the exemptions,
04:48and you have to impose more taxes on 2,000 Arabs.
04:51Now,
04:52if the housekeepers,
04:54or the cleaners,
04:55or the laundry,
04:57buy deodorant,
04:58soap,
04:59shampoo,
05:00or cigarettes,
05:01but,
05:02even if they buy milk,
05:03their back will be stretched.
05:05And,
05:06if they have to put a burden on it,
05:07then,
05:08this government will not be the medicine for any disease.
05:12Look,
05:13the point is that,
05:14now the time has come,
05:15as you are saying,
05:16that,
05:17they have been taxed as much as they had to be.
05:19Now,
05:20you do those sectors,
05:21which are still under-taxed.
05:23And,
05:24you have identified exactly,
05:26your real estate sector,
05:29your trader sector,
05:32and your big landlords,
05:34the landlords,
05:35who should contribute.
05:38Now,
05:39you will have to get them to do it.
05:40And,
05:41I am saying that,
05:42if we have not been able to do it adequately,
05:44for many decades,
05:45we should tax it adequately.
05:46And,
05:47our tilt has been that,
05:48we should tax the manufacturing,
05:49which is easily caught.
05:51Or,
05:52we should tax the salary,
05:53which is easily caught,
05:54whose source can be deducted.
05:56We should tax it additionally.
05:58Now,
05:59there is no scope for it.
06:00Beyond the point,
06:01you will tax these sectors,
06:02and end the economy.
06:04And,
06:05non-tax revenue,
06:06will be increased by 20 to 25 percent.
06:09The government is also asking for GST on petroleum assets.
06:12Instead,
06:13the government is asking for a Petroleum Levy of up to 20 rupees.
06:16With this,
06:17inflation will increase further.
06:19Look,
06:20you are right.
06:21This Petroleum Development Levy,
06:23has been the preference of the IMF.
06:26And,
06:27the reason behind it,
06:28is that,
06:29our Petroleum,
06:30in the last period,
06:32our Petroleum per unit price,
06:35compared to some of the other countries in the region,
06:39was less.
06:40So,
06:41we justified it a little,
06:43and taxed it additionally.
06:45Now,
06:46they are asking to tax it additionally.
06:48This is appropriate for you.
06:50If you impose this tax on HST,
06:53it will have an inflationary impact.
06:55But,
06:56Meher,
06:57let me tell you one more thing.
06:59Look,
07:00what we don't realise,
07:01in our discussions,
07:02is that,
07:03we talk about taxes.
07:04I am not saying that you should impose a regressive tax.
07:06I am not saying that.
07:07I am against it.
07:08GST,
07:09should be done at 19 percent.
07:11I am saying that,
07:12you should come to direct taxes.
07:14Impose it on those people,
07:16who have the ability to pay.
07:18The big landowners,
07:20the big property owners,
07:22who do big businesses,
07:24who have been insulating themselves,
07:28you should give priority to them.
07:33Secondly,
07:34I am saying this to you.
07:36Look,
07:37when we hesitate to impose taxes,
07:39when we hesitate to reduce our expenses,
07:42that we don't want to reduce subsidies,
07:44even if we know that,
07:45disproportionately,
07:47we are benefiting from the state,
07:49which is economically,
07:51not in the lower segments.
07:53Despite that,
07:54we are reluctant,
07:56and we keep increasing the deficit.
07:58Now,
07:59when the deficit increases,
08:01how do you do it?
08:03You do it through borrowing.
08:05That borrowing,
08:06whether you do it domestically or internationally,
08:08has its own consequences.
08:09And it is so severe,
08:11that,
08:12as you can see,
08:14right now,
08:15your budget has such a large proportion
08:17of debt servicing,
08:18that is,
08:19repaying your debts,
08:20and giving them interest.
08:22Open the door.