Only 300 companies pay 70% tax in Pakistan, Prime Minister

Islamabad:      The country can no longer tolerate tax evasion and corrupt mind-set, said Prime Minister Imran Khan while addressing an award-distribution ceremony organised by the Gujranwala Chamber of Commerce. He urged the business community and traders to help the government in collecting more taxes, as the country is overburdened with a huge debt amount.

He added that half of the national tax amount is spent to repay the enormous debt of Rs30,000 billion. Similarly, with existing conditions and mind-set, when about 70% of the total taxes are collected from only 300 companies, the country cannot have a bright economic future.

He vowed that he would not bow to any pressure from a group of traders who are protesting the tax reforms.

“We have to change the mind-set, as the country can no longer be run according to outdated patterns. It is necessary to broaden the tax net,” said the PM.

Earlier, the country has been failing to meet tax collection targets, as no one was ready to trust the Federal Board of Revenue (FBR), predominantly because of corruption and unfavourable policies, the PM stated.

He regretted that on one hand the country desperately needs better health and education systems, while on the other, it lacks resources to do so. Unless the country has adequate financial resources, it cannot afford to provide facilities. He reiterated that the industrialists and traders could play a vital role in strengthening the national economy by paying taxes.