Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has called upon Pakistan to "increase tax collection from the affluent and safeguard the well-being of the less fortunate." This appeal comes in the wake of escalating inflation in Pakistan, which followed the country's last-minute bailout secured in July.
During the month of August, Pakistan witnessed a staggering year-on-year inflation rate of 27.4%, severely straining household budgets. Simultaneously, exorbitant electricity bills triggered nationwide protests. Although the government initially pledged relief for the public, it later reneged on this commitment, citing Pakistan's obligations to the IMF.
In this edition of MoneyCurve, Fatima Attarwala, the Editor of Dawn Business & Finance Weekly, and Nasir Jamal, the Bureau Chief of Dawn in Lahore, delve deeply into Pakistan's regressive taxation system. They also explore the reasons behind the authorities' reluctance to tax the wealthy and examine the repercussions of this stance on the general population.
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