The national economy is trapped in the quagmire of uncertainty due to the burden of unsustainable debts, the ever increasing trade deficit, insufficient foreign exchange reserves and the continuous depreciation of the national currency.

It is important to instill confidence that the economic future of Pakistan is bright and achieving this goal is possible without much difficulty through better planning and correct measures.

Caretaker Federal Minister for Commerce and Industry Dr. Gohar Ejaz while addressing the press conference at the office of All Pakistan Textile Mills Association (APTAMA), has given a very welcome and promising talk in this regard.

He said that 80 billion dollars are needed to run the country and we will complete the strategic program to increase the country’s exports to 80 billion dollars in 90 days’ time frame through reforms.

Industry does not need subsidy, continuous supply of energy can improve the production process.

Dr. Gohar Ejaz himself is also an industrialist and he has been given the responsibility of this sector in the caretaker government, so his expression of this belief cannot be called baseless. In the press conference, he also clarified that my mandate is not political, today Pakistan is suffering, it is my mandate to remove this suffering.

He said that such industries which are not registered in GST will be registered through track and trace system.

Exporting goods worth 80 billion dollars is not a big deal. We can increase our exports through regional trade.

The need of the hour is that the Caretaker Minister of Industry and Commerce should complete his project at the fastest possible speed so that the lights of hope shine in the darkness of despair.

But this does not mean that government should victimize the masses through imposition of unjust taxes.

Recently, the government has imposed five percent income tax on the income of Welfare Certificate, Martyrs Family Account and Pensioners Benefit Account, which will be applicable from the year 2023. Primarily, such schemes were introduced to provide financial benefits to the families of martyrs, who sacrificed their lives for the nation and citizens or senior citizens who belong to the salaried class have been paying income tax regularly as a part and contributing to the development of the nation in the form of taxes when they had a regular source of income. After retirement, one invests one’s savings in such schemes so that one’s old age is cut off easily. This class is now totally dependent on the income from such schemes, more resources are needed in this class to lead a comfortable life but it would be desirable if the tax rate in their savings schemes is lower or zero but the government did not spare them either, taxation would end the short life of account holders after increasing the profit margin on these schemes.

The Federal Board of Revenue Policy wing should end this dictatorial policy on humanitarian grounds.

Tax evasion is a common scene in our society and the impression is that the FBR is not doing its job properly.

Some experts say that an institution like FBR should be removed from the country immediately because SRBF established in 2011 in Sindh is showing 1000% better performance than FBR. The Caretaker Prime Minister and the Cabinet are requested to rethink the benefits to the poor in the savings schemes.  And we should return to the old system where poverty was eradicated with such income and people’s resources were increasing.  And by imposing tax on this income, it is proving to be a heavy burden on the small scale investors.

An investment of Rs 5 million at the current rate of tax would be subject to income tax of Rs 41,000 under the newly implemented policy, while under the old system it was Rs 11,000.

In the era of worst inflation, the high prices of daily essentials have already left the salaried and salaried poor and middle class helpless.

The masses are subjected to new taxes every day.

From Saturday, August 26, the National Highway Authority has increased the toll tax of the Islamabad-Lahore Motorway by 10 percent. The ever-increasing prices of petrol and diesel, which have already become a headache for personal, freight and public transport, this increase in toll tax has brought a new blow to them.

This increase in toll tax has brought a new problem for them. Car, jeep and pick-up will pay Rs 1100, wagon Rs 1840, coach Rs 3690 and truck Rs 4800.

 A similar increase was made last year, in the light of which the current toll tax will remain in effect until 2024, after which this process will continue in the future.

On the other hand, transporters who already maintain their profit margins by increasing fares every time petrol becomes expensive, additional tolls are also collected from passengers, which makes people face double the hike in petrol price.

This series is not limited only to Lahore, Islamabad, under the National Highway Authority there are many highways across the length of the country and parallel burdens are imposed on the passengers in terms of petrol and transportation like electricity.

Vehicles continue to flow but the departments concerned do not miss any opportunity to add to the financial woes of the common man.  In this period of economic chaos, this hike in toll tax should be withdrawn immediately. The highest prices of petroleum products are sufficient for this.

Published in The Daily National Courier, August, 29 2023

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