Daily Times

ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) leader Asad Umar on Wednesday said the prevalent economic system in the country was actually designed to protect and facilitate the theft of influential and powerful people of society.

He said that due to misplaced priorities and ill-conceived policies, “our national economy is sinking deep in the swamp”.

This dismal situation could be improved only through introducing direct tax regime and reducing the present GST rates that were highest in the region, he said. He said this while sharing his thoughts with the audience at ‘Pre-budget discussion with Asad Umar’ held at the Sustainable Development Policy Institute (SDPI).

Asad Umar said the current account deficit of Pakistan was touching $6.1 billion, whereas exports had witnessed a decrease for the first time ever in the country. He said that the government should decrease indirect taxes and GST rate should be brought down to 15 percent.

He said that due to anti-growth and anti-industrialisation tax policies, the economic activities in the country had been slowed down, whereas the purchasing power was reduced to a few hands. “Thus even international financial institutions have termed that the disparity of a certain level was harmful for the economic growth.”