It is about time for the present government to tax the elite-class as much as possible
SHIKARPUR: Pakistan was already facing severe economic crisis however the outbreak of Covid-19 has proved to be a nightmare for its economic health since Pakistan Stock Exchange (PSX) has seen unprecedented decline during these days. PSX has witnessed the century’s highest crash record of more than 7.45%, exceeding predominantly the highest crash recorded during 21st century in May 2002. Moreover, the Pakistani rupee has reached an all-time high, Rs166.8 for a single USD. It has lost more than 10% of its worth against the USD during this pandemic.
Thousands of industries have been stopped from functioning and the informal sector stands to lose the most, particularly the tens of millions of workers who rely on this cash-based sector to provide them with the bare-minimum income required to meet their daily needs. This is a threat to poverty-ridden sector which also includes more and more people below the poverty line. It is about time for the present government to tax the elite-class as much as possible in order to compensate the poverty-ridden sector of society.
Sarfraz Soomro
Published in The Express Tribune, April 8th, 2020.
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