Mulk mai 58 kharb rupay tax ki adam wasooli ka inkishaf | Expert Analysisa
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00:00 We will talk about Pakistan's economy, especially the taxation process.
00:04 We are talking about how much collection happened, how much the government benefited from it.
00:10 But the problem is that the new issue is that the government is not capable of doing it.
00:15 Or the system of taxation is complicated and difficult.
00:18 In the country, 58 crore rupees have been revealed for the non-recovery of tax.
00:23 And a few days ago, during a briefing of the Special Taxation Council, the Prime Minister's Executive Office,
00:30 the government officials said that the financial year 2022 and 2023,
00:35 the difference between the collected tax and the actual tax is 58 crore rupees.
00:42 This 58 crore rupees is equivalent to 6.9% of our GDP.
00:49 The difference in tax is only 10 crore rupees in the price of petroleum products.
00:53 And in other sectors, like tobacco, sugar, cement, and manure,
00:59 there is a huge tax on these.
01:03 So, our expert, Mr. Maheshwarat Khurram Shahzad is with us.
01:05 Now, let's talk to him about whether this system is complicated or not.
01:10 Mr. Khurram, greetings.
01:11 This is a figure of 58 crore rupees.
01:14 Before this, there have been government figures like this.
01:19 And it has been categorized that the tobacco industry is so expensive,
01:23 and so many Arabs are evading it,
01:25 the real estate sector, the sugar sector.
01:29 When such big sectors evade taxes,
01:32 how will things work?
01:35 And how will the system work?
01:36 What system should be brought in to take taxes from them, Mr. Khurram?
01:39 This is a very important point.
01:42 You know that 5.1 trillion, or 6 trillion, 6 crore,
01:48 if 6 crore comes into the system and this tax is collected,
01:53 then you see that your loss at this time can be half,
01:58 which is the fiscal deficit.
02:00 Which is basically the difference between revenues and taxes,
02:04 which the government collects revenues and spends.
02:07 I say that even if the extra 1000 is not reduced,
02:09 then you will receive half of 5 crore,
02:13 or implement a tax in some way,
02:17 so that this becomes a tax.
02:18 So you see that the tax that you have to collect today,
02:22 which is 9.4 crore rupees,
02:25 that can go up to 14 crores.
02:28 And your entire budget loss,
02:31 its 50% share can be reduced, that is number one.
02:34 Although the expenses have to be reduced,
02:36 that is a different question.
02:37 But I will give you another number.
02:39 You see that this is a matter of tax theft,
02:43 or tax is not given.
02:45 Secondly, the government itself has failed to impose taxes.
02:49 There are so many governments who have not taken taxes
02:52 from 4-5 big sectors,
02:54 whether it is political reasons or anything else,
02:56 in which there is the agricultural sector,
02:57 which comes under the provincial ambit,
02:59 so it is in the ambit.
03:01 Secondly, you know, the biggest issue is
03:05 the retail, wholesale and trade sector,
03:08 which is 20% of the economy,
03:10 and only 1% of it pays taxes.
03:12 Agriculture is 23% of the economy,
03:14 and only 1% or less than that pays taxes.
03:16 And the third is the real estate and property sector.
03:19 And the fourth is professionals,
03:20 then transport, and then there are other sectors.
03:23 But I tell you that if you add these 3-4 sectors,
03:26 then 2 crores can be collected from here too.
03:28 This is the potential.
03:29 2 crores.
03:30 So I say that 5 trillion that and 2 trillion this.
03:34 So, approximately 7.5 crores of tax can be collected.
03:37 So, Khurram, this is the point here,
03:39 that is there is a problem in the system,
03:41 the system of taxation is complicated,
03:42 what is happening?
03:43 Absolutely.
03:44 See, the problem, as you said,
03:46 that tax is being stolen.
03:48 So, I say that these two problems
03:50 go in the hands of the government,
03:52 because government, number one,
03:54 all the governments that have come,
03:55 they have failed in collecting taxes,
03:57 in imposing taxes in the right place,
03:59 and they have been imposed more taxes,
04:01 on which there is already tax,
04:02 whether it is the salary class or the formal sector.
04:04 Secondly, this theft or smuggling,
04:06 you see, today again, the petrol,
04:08 has started smuggling again from Iran,
04:10 and has started smuggling in large quantities,
04:12 and 15% of your consumption is made,
04:14 now, the oil is coming from there again.
04:16 So, all these things stopped in the middle,
04:18 and again, the penetration is happening.
04:19 So, definitely, the stakeholders,
04:21 they should see this,
04:22 that how to impose taxes in the right place,
04:24 collect all the taxes,
04:25 which is our potential,
04:26 and reduce the expenses.
04:27 You believe, these two parts,
04:28 it is easy to say,
04:29 but if you fix these two parts,
04:31 then your economy can improve a lot,
04:33 and you can do a lot of good development.
04:35 It can improve a lot.
04:36 Thank you so much, Khurram Shehzad.
04:38 You rightly pointed out,
04:39 that there are many things,
04:40 on which the government has to make some decisions.
04:43 Saad Kharam, can you imagine,
04:45 how many things we can fix,
04:47 but anyway, thank you.