Karachi, March 11, 2023 (PPI-OT): Former Vice President of FPCCI Atif Ikram Sheikh on Saturday said that the series of taxation on the poor should be stopped and the deficit should be met by taxing the rich. Poor do not have enough money to pay further taxes while the rich can easily afford additional taxes but are not being ordered which is sad, he said.

Atif Ikram Sheikh said that the economy is in ruins and the life of the common man has become miserable. Masses are not able to make their household budget due to runaway inflation so they should be given some relief, he added.

Sheikh who has also served as Chairman of PVMA said in a statement that the planners are aware of the plight of the people, but despite this, they continue to increase the burden of taxes and electricity and gas bills on them. He questioned why the elites are not taxed according to their capacity if the government lack resources.

People are always told to suffer in the national interest, but when it comes to the rich, where does the national interest go, he asked.

Atif Ikram said that the poor and middle-class families are very worried and they have to compromise on necessities while the rich use their luxury vehicles as freely as in the days when petrol prices were normal.

He said that the consumption of fuel has not decreased due to the affluent classes, but the poor have reduced consumption. Likewise, the consumption of other goods has reduced due to inflation, which is borne by the poor.

Anxiety has become commonplace and education and health have become secondary issues for the poor due to tight budgets which is a ticking time-bomb.

Struggling to keep the economy afloat, the government has been desperate to reach an agreement with the IMF to resume the loan programme that has been suspended since last November.

The IMF has put forward a set of demands for the release of a $1.1bn instalment that includes the liberalisation of the exchange rate, the removal of subsidies in various sectors and raising taxes which have been abided by but the deal is not in sight.

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