Islamabad, 10-October-2023, Tuesday

The World Bank (World Bank) has advised Pakistan, which is facing an economic crisis, to stop all tax concessions and bring agriculture, retail and real estate under the tax structure. According to a Pakistani media report, if this is done, the country's GDP will increase by 3 percent.

People in real and agricultural sectors in Pakistan mostly have tax-free properties!

News paper 'Dawn' quoted World Bank Country Director Najee Benhasin and Senior Economist Tobias Haq Hawala as saying that people in the real estate and agriculture sectors, two major sectors under the country's right, have mostly tax-free properties, so service can be improved and the financial burden on the Center reduced. Both these sectors should be taxed to reduce them.

...then Pakistan's GDP will increase by 3 percent

The Dawn newspaper quoted Tobias Haque as saying that according to the bank's estimates, if agricultural income and wealth taxes are properly reformed and implemented, Pakistan's GDP could increase by three percent annually, which is a little over three lakh crore rupees.

2% contribution of real estate, 1% contribution of agriculture sector to GDP is required

He said that real estate should contribute two percent and agriculture sector one percent of the country's total GDP. That means 2.1 trillion rupees should be earned from real estate and one trillion rupees from the agriculture sector as per the official GDP figure. Citing the detailed recommendations handed over to the Government of Pakistan by the World Bank, Tobias Haq said, the World Bank recommendations advocate increasing the country's revenue through an optimal, progressive and progressive agricultural income tax.