Uniform taxes termed solution to revive economy

KARACHI   -   Dean of Indus University, Dr Aftab Madni, has welcomed Finance Minister Muhammad Aurangzeb’s statement that Pakistan would likely to get $3 billion IMF loan package which is considered to be vital for sustenance of falling economy. However, he underlined the need to implement the world lender’s recommendations regarding tax reforms in a true spirit in order to achieve the desired results.

“Pick and chose wouldn’t help the reform process,” he remarked in a statement issued here on Monday while commenting on the health of national economy.

Dr Aftab Madni stressed that the IMF has explicitly recommended that there has to be uniform tax on all sectors including cigarettes regardless of their national or multinational brand. He said that this alone will generate revenue in billions per annum.

He said cigarette was a non-essential item and the government wouldn’t face any public backlash if it moves ahead as per IMF recommendations.

About 9 percent of Pakistanis were smokers and the volume of second-hand smoking still has to be explored, he said adding that the cigarettes need to be made expensive in any case.  

The Dean of Indus University said that cigarette causes disease and deaths that have to be accounted for.

He said that the finance minister has a profound background in banking and it was normal for a banker to understand the volume of losses a product injurious to human health can cause.

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