Pakistan

Pakistan on the verge of default as tax evasion escalates, warns defense minister

Defence Minister Khawaja Asif highlighted Pakistan’s dire financial situation, nearly verging on bankruptcy, attributing it to widespread tax evasion among major players.

He noted that sectors like retailers and wholesalers were failing to fulfill their tax obligations, exacerbating the country’s economic challenges.

Speaking to the media in Sialkot, Asif admitted the government’s inability to provide immediate relief to the public but remained optimistic about the future, suggesting that current economic policies would yield significant benefits within two years.

He criticized the disproportionate burden of taxation on the salaried class and lamented the sluggish progress in resolving tax-related cases worth Rs2.6 trillion in the courts, blaming the judiciary and bureaucracy for political maneuvering instead of fulfilling their duties.

Despite these challenges, Asif expressed hope for an economic turnaround within 18 to 24 months, banking on the successful implementation of government policies to alleviate the ongoing financial strain.

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