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Transcript of Pakistan's Economy
away in the wind". Article Summary The article discusses the following:
Loopholes in Taxation
Politically Influenced Taxation
Internal and External Loans Loop Holes In Tax System Four major reasons:
Tax evasion by Pakistai politicians
False representation of Income
Large amount of assets in foriegn countries which creates leakages in the circular flow of income
Too much power at the hands of politicians and government officials Tax Collection 768,000 people paid income tax last year Pakistan's failure to collect taxes results in budget deficit each year
Government has to provide for the country's increasing population with decreasing revenue
Solution By: Daniyal Syed
Muhammad Shariq Links to the concept of Laffer Curve Tax revenues amounted to only 9.1% of total GDP Discuss circular flow of income Budget Deficit Explain in terms of supply and demand Relevance to the course: Relevance to the course: Relevance to the course: Internal and External Loans Discuss the concept of Business Cycle Relevance to the course: Insulate the Federal Board of Revenue from political influence
Government of Pakistan should make tax policy but Federal Board of Revenue should implement it independently
The Govrnment should seek to restore trust and educate its citizens about the importance of paying tax