Govt earning undue profit on petroleum products: PEW

The Pakistan Economy Watch (PEW) on Sunday said unjustified taxes on fuel continue to hurt masses and economy, therefore, the same should be reduced.

High prices of fuel have become an incentive for smugglers who are thriving on low prices of oil and gas in Iran and Afghanistan, it said.

Border arrangements have failed to deter the smugglers as fifteen to twenty per cent of petrol consumed in Pakistan is said to be smuggled from neighbouring countries, said President PEW Dr Murtaza Mughal.

He said that smuggling of LPG continue to increase, grabbing around thirty percent of the local market, putting the survival of local producers at stake as the involvement of big fish cannot be ruled out.

He said that the fifth upward revision in the prices of fuel in the last three months proves the incompetence of export industries and revenue collectors, leaving the government with no option to boost revenue.

The situation has forced the government to impose additional taxes on bank transactions which have resulted in non-compliance, hitting businesses, banking and revenues, he added.

He said that nobility should be brought into the tax net to finance the ongoing war on terror.

Taxing the aristocracy has become imperative to improve relations between government and taxpayers, funding the war which is tied to our survival and break the begging bowl as masses reeling under problems are unable to sacrifice more to keep the rich happy.

- Advertisement -
- Advertisement -

Must Read

Toyota increases price of Corolla Altis 1.8

LAHORE: Toyota Indus Motors has announced a price increase of Rs 370,000 for its Corolla Altis 1.8. The 7% increase in price is a...