Pakistan nears default due to tax evasion: Defence Minister Khawaja Asif

World Wednesday 03/April/2024 08:27 AM
Pakistan nears default due to tax evasion: Defence Minister Khawaja Asif

Sialkot : Pakistan is teetering on the edge of a financial abyss, with Defence Minister Khawaja Asif sounding the alarm, citing widespread tax evasion by the country's elite as the primary culprit for the looming crisis, Dawn reported.

Asif pointed fingers at major sectors such as retailers and wholesalers, accusing them of shirking their tax responsibilities and exacerbating Pakistan's economic woes.

Speaking to the media in his hometown of Sialkot, Asif conceded the government's inability to provide immediate relief to the masses but remained optimistic about the future. He predicted that the current economic policies would yield substantial benefits within the next two years, according to Dawn.

Expressing concern over the disproportionate tax burden on the salaried class, Asif highlighted the neglect of tax obligations by other segments of society.

The minister raised the issue of stalled tax-related cases worth PKR 2.6 trillion in the courts, criticising the lack of urgency from the judiciary in resolving them. He accused both the judiciary and bureaucracy of prioritising politics over their duties.

Despite the grim outlook, Asif expressed hope for an economic turnaround within 18 to 24 months, banking on the successful implementation of government policies to alleviate the ongoing financial strain on the public, Dawn reported.