Business
Tax evasion of Rs956 billion in Pakistan exposed
Pakistan made export of Rs25.36 billion from July to May, therefore this target was also not achieved.
Paris: Global research company Ipsos issues a report entitled as “Unveiling Tax Evasion: A Closer look at Five Sectors in Pakistan” that revealed tax evasion of Rs956 billion, GNN reported.
The report included the survey of five major sector of Pakistan including real estate, tea, cigarette, tyres, oil and pharmaceutical.
According to the report, only in real estate sector, annual theft evasion was of Rs500 billion. Cigarette and tobacco industry includes annual tax theft of Rs240 billion.
Tea industry included annual tax evasion of Rs45 billion, whereas pharmaceutical includes annual tax theft of Rs65 billion. Tyres and oil sectors includes annual tax evasion of Rs106 billion.
Due to political instability in Pakistan, the economic growth rate for the current fiscal year was 0.3 percent. The total Gross Domestic Product (GDP) calculated of the current year is Rs84,600 billion. Per capital income has been recorded as $1558 in which fishing and forest industry contributed to 24.05%.
The growth rate of the agricultural sector was 1.55 percent. The growth rate of livestock growth was 3.7 percent. The growth of major crops was -3.20 percent. The manufacturing growth rate was -3.9%.
Export target was also not achieved. Pakistan made export of Rs25.36 billion from July to May.