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Wednesday, August 4, 2021

PM Advisor hopes improvement in GDP growth rate

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KARACHI: PM’s Advisor on Finance Shaukat Tarin said Monday that GDP growth will be raised to 6 to 8 percent with the help of concerted efforts in next three years. He was talking to media after addressing the members of OICCI. He said that the GDP has declined to 2.5 percent due to economic slow down following the tough monetary policy.

“Now the economy has started seeing some recovery and we see the light at the end of the tunnel. We will see which areas needed to be financed to boost the growth in future”, he added. The Advisor said that GDP will be raised to 4 percent next year and 5 percent in the year after.

To a question, he said that the entire tax system needs an overhaul and there should be only two taxes in the country, i.e., income tax and consumption tax.“This approach will bring in buoyancy in tax system. This will be achieved in next 5 to 6 years”, he noted.

Tarin said currently several taxes including withholding tax, turnover tax, etc were in place and these should be minimized to only two taxes. To a question, he said that four areas of the economy will be brought in under tax net in the coming years. These are services, real estate, stock market and agriculture. We will do sequencing in this regard, he said.

The Advisor pointed out that the government will procure 6.5 million tons of wheat this year and take it to deficit provinces to ensure the availability of the staple food at equal level.

He said that he will visit FPCCI and other chambers to get input on the economy in a regular intervals. This is an ongoing exchange of ideas and input.Tarin said that the government will assess situation before approaching IMF for more financial assistance. We would not borrow further if did not need, he added.

Earlier, the Advisor, in his address to OICCI members, presented the outline of the economic strategy of the government on IMF, interest rate, tax system, budget deficit, etc.-APP

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