You ViewsVOLUME 17 ISSUE # 41

Illegal trade

Pakistan celebrated its 75th anniversary of independence amid political instability and economic crisis. Owing to uncontrollable internal and external debts, the value of Pakistani currency is facing severe pressure.

However, due to strict conditions imposed by international lenders and limited resources to repay the external debt, the government is unable to provide relief to the people and stabilise the development process. The government has been facing a budget deficit despite ending public subsidies. The implementation of fixed tax on the retail sector is in limbo due to protests by traders. In such circumstances, the government has decided to impose more taxes on other sectors.

Unfortunately, these high rates of tax are also the main reason for the promotion of illegal trade in the country. Due to inflation and reduced purchasing power, consumers are shifting towards cheaper alternatives, which are mostly fake and illegal products. In order to build the economy on a sustainable basis, the authorities concerned should take action to deal with the illegal trade.

Usama Ghulam Rasool