ISLAMABAD:
Experts at a workshop underscored the need for documentation of the national economy and income to drive a reformed taxation regime intended to enhance the tax net and regulate the untaxed sectors through a holistic and stakeholder-inclusive intervention.
The Pre-Budget Consultative Workshop titled, “Optimising Revenue and Public Spending for Inclusive Growth” was organised by the Sustainable Development Policy Institute (SDPI) in collaboration with Revenue Mobilisation, Investment and Trade (REMIT) and UK’s International Development Agency.
Speaking via a video link, Louie Dane, the Senior Economic Advisor and Team Lead of the Foreign, Commonwealth and Development Office (FCDO) said Pakistan has the youngest population and one of the fastest-growing markets in the world. Moreover, it has a fantastic infrastructure and great potential for women to contribute to the economy and is trying to overcome its economic bottlenecks.
“Pakistan needs to develop capacities to fight climate change,” he said, adding that though people have low incomes due to increased sale taxes, practical solutions and resources are needed to ensure inclusive development through a unified effort from all the partners of the industry.
In his opening remarks, Dr Abid Qaiyum Suleri, Executive Director, SDPI said that COVID-19, conflicts, climate change and the Gaza situation have put pressure on the energy sector and governments all over the world are compelled to do more. “We need to think revenue mobilisation without putting pressure on existing taxpayers which is an uphill task,” he added.
He reminded the participants that the European Union (EU) has implemented a Carbon Border Adjustment Mechanism (CBAM) asking exporters to lower carbon emissions at each step of the supply chain initially for steel, fertiliser, aluminium, cement, copper and others.
Published in The Express Tribune, June 10th, 2024.
