Budget brings frustration, uncertainty: PEWJune 6, 2015
KARACHI: Pakistan Economy Watch (PEW) on Sunday said federal budget reflects priority of rulers to compromise national interests to please nobility and their vote bank.
The third budget of the incumbent government was not different from earlier ones which added to the frustration of masses and business community, said Dr. Murtaza Mughal, President PEW in a statement issued from Islamabad.
The budget again protected interests of aristocracy while over burdening corporate sector which is already paying 70 percent of the total collection. He said that despite tall claims, the budget will result in nothing but inflation and unemployment, which will add to the uncertainty. Dr. Mughal said that the federal government blasted petrol bomb just five days before the budget setting a record of 25 mini budgets in the last three years.
He said that burdening the business community will trigger flight of capital and industry, increase in unemployment and deficit, which will hurt the sentiments and environment. The only duty of the FBR seems to bleed the masses white to protect nobility and provide funds for the princely living of the rulers as the expanses of PM and President House continue to rise by 10 percent annually, which is now over million rupees per day.
Ten years back, the expanses of the army of ministers, advisors, and special assistants were 240 million which is now Rs20 billion and increasing. Pakistan’s total debt is equal to 65 percent of the GDP while which eats up 68 percent of the whole tax collection which is leading country on path of economic suicide, said Dr. Mughal.
He said that country can only survive if proper taxes are imposed on agricultural income, wholesalers and retailers majority of whom are PML-N supporters.