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Daily Times May 9, 2021 The coalition government of the Pakistan Tehreek-e-Insaf (PTI) is facing fiscal disaster as evident from Summary of Consolidated Federal and Provincial Fiscal Operations, 2020-21, released on May 6, 2021 by the Ministry of Finance, for the first nine months of the current fiscal year. It shows that 37 percent of defence spending is now funded by borrowing. This is a very serious matter but remains unnoticed. It has national security repercussions if remedial measures are not taken. The total debt and liabilities reached 94 percent of GDP. The impact of mindless borrowing and reckless spending resulted in fiscal deficit of Rs 1.652 trillion in first nine months of the current fiscal year that is 3.6 percent of GDP. Nobody in official quarters has yet highlighted it what to speak of devising a strategy how to deal with debt servicing surged to 62 percent of total revenues (tax and non-tax) of the federal government. It should be kept in mind that ....
Daily Times “ A comprehensive strategy has been formulated to shift the gear and move to higher economic growth. I do not believe in increase in taxes to increase revenue collection but those outside the tax net would be tapped. The chances for any harassment by FBR officials shall be eliminated for which change in audit procedures. 17 percent General Sales Tax rate is very high and a mechanism has been prepared for its reduction and the government was also working on a sales tax system for small businesses….” Finance Minister Shaukat Tarin in his first testimony before the Standing Committee of the National Assembly on May 3, 2021. ....