Wednesday, October 21, 2020

Regressive taxes keeping many countries poor: Mian Zahid

Featured

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes...

Indonesia to host Trade Expo Indonesia 2020 Virtually

The Government of Indonesia is once again hosting its biggest annual international business exhibition, the Trade Expo Indonesia (TEI)...
Adil Ghaffar
Adil Ghaffar
Experienced Chief Executive Officer with a demonstrated history of working in the financial services' industry. Skilled in Negotiation, Business Planning, Microsoft Word, Accounting, and Team Building. Strong business development professional with an ACA focused in Accounting and Finance from institute of chartered accountants of Pakistan. Contact: [email protected]

The President PBIF Mian Zahid said that the regressive taxes keeping many countries poor. tax evasion resulting in poverty, unemployment and illiteracy Loans, grants not a substitute to economic activity.

Talking to the business community President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain  said that no amount of borrowing or charity can help a country as economic activity is the only solution to the problems.

Loans and grants can never be a substitute to the economic activity which is imperative for the national development, he said.

Mian Zahid Hussain said that regressive taxation regime introduced by many countries has killed the economy activity keeping the dependent on loans and charity.

The former minister noted that reduced economic activity triggers poverty, illiteracy and child labour putting future of the country at stake.

He said that our economic situation is worst in South Asia; inflation is highest in the region which increasing taxes are opposing economic progress. Giving an example, he said that many African nations have imposed thirty percent income tax,  twenty percent value added tax and 45 to 50 percent duties on imports which has made local and foreign investments impossible despite very cheap labour.

Mian Zahid Hussain noted that majority of African and other poor nations have imposed these taxes to please institutions like IMF which has reduced their chance of development to zero.

Policies like difficult rules and regulations in the name of reforms, penalising masses to improve GDP and choosing economic depression have failed in many countries therefore we should not repeat them, he opined.

Policymakers must learn a lesson from other countries because our economy is still left with some energy which is not favoured by some influential countries.

Read also: Resolution of Kashmir dispute can lift millions out of poverty: Mian Zahid

Adil Ghaffar
Adil Ghaffar
Experienced Chief Executive Officer with a demonstrated history of working in the financial services' industry. Skilled in Negotiation, Business Planning, Microsoft Word, Accounting, and Team Building. Strong business development professional with an ACA focused in Accounting and Finance from institute of chartered accountants of Pakistan. Contact: [email protected]

Latest News

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes in the 193-member UN General...

Indonesia to host Trade Expo Indonesia 2020 Virtually

The Government of Indonesia is once again hosting its biggest annual international business exhibition, the Trade Expo Indonesia (TEI) on 10 – 16 November...

The World Health Organization warns countries not to be complacent in measures to prevent Corona

The Executive Director of the World Health Organization's emergency program, Dr.Mike Ryan, has warned all countries of the world against negligence in following the...

South Korea records 102 new cases of coronavirus

South Korea's Quarantine Command Center said today, Tuesday, that the total number of people infected with Covid-19 rose to 24,805, an increase of 102...

Related News