‘Income tax should be universal, not segmented’

Speakers at moot say distinction between filer and non-filer must be abolished

ISLAMABAD:

The Pakistan Institute of Development Economics (PIDE) Macro Policy Lab recently hosted the "Fixing Fiscal Policy" Round Table Conference in Islamabad.

The event addressed the persistent challenge of fiscal indiscipline in Pakistan and sought to chart a visionary path for the nation's fiscal policy. In his introductory remarks Chief of Macro-Policy Lab, PIDE Dr Nasir Iqbal said that the Round Table Conference, "Fixing Fiscal Policy," aims to unite policymakers and thought leaders to foster collaboration and develop local solutions in the fiscal framework of Pakistan. By bringing together academia and policymakers, we seek to chart a visionary path of fiscal policy in Pakistan for the future, transcending from short-term approaches and firefighting.

PIDE VC Dr Nadeemul Haque said that three things need to be focused on for the fixation of fiscal policy. Firstly, the role of the government is crucial in ensuring effective fiscal management.

Secondly, taxation and expenditure must be carried out in a transparent manner with accountability. This includes how to collect taxes, how to spend them, and where to allocate funds. Lastly, debt management is also an important aspect that requires attention.

Dr Ashfaque Hasan Khan, Principal of the School of Social Sciences and Humanities, NUST while speaking at the roundtable meeting said that to address economic challenges, it is important to immediately reset the role of the government from being an active player to a facilitator.

This would involve eliminating the current regulation-based regime and transitioning towards a rule-based economy. The use of a regulatory guillotine would help in the elimination of unnecessary No Objection Certificates.Distinguished participants included senior economists, researchers, and fiscal experts from various institutions across the country, such as the Ministry of Planning, Development & Special Initiatives, P&D Baluchistan, QAU, SZABIST, the US Embassy, ADTMA, P&D Punjab, IIUI, NUST, and COMSATS.

 

Published in The Express Tribune, September 11^th, 2023.