Pakistani traders shut down businesses over IMF-driven taxation
Javed Rana
Press TV, Islamabad
Almost all business activities in the Pakistani capital Islamabad came to a halt on Tuesday as traders protested against government plans to increase taxes.
So was the case elsewhere in the country.
Pakistani business people are mainly angry at measures aimed at meeting the demands of the International Monetary Fund to boost tax revenues and stabilize public finances.
The country secured a 6 billion dollar loan from the IMF earlier this year to ease its foreign debt problem.
The government resorted to heavy taxation in many sectors.
Prime Minister Imran Khan’s government has vowed not to compromise on the tax reforms aimed at reducing dependency on foreign loans.
At least two thirds of Pakistan’s economy remains undocumented which has led every government to resort to heavy indirect taxation. The new government measures have resulted in a price hike, which is one of the leading reasons behind a long march the Opposition parties have organized from different parts of the country towards the capital Islamabad.
Tens of thousands of people from different parts of Pakistan are on their way to hold a sit-in protest to pressurize Prime Minister Imran Khan to resign for compromising the country’s economic sovereignty by conceding to tough IMF conditions which has led to skyrocketing prices. Many believe if traders join the Opposition’s protest, the government of Prime Minister Imran Khan will face one of the toughest challenges it has faced since coming to power last year.
The shutdown is expected to continue until Thursday and the Opposition’s long march is scheduled to reach Islamabad on Friday.
Clashes in Brussels as farmers demand greater EU support
Gaza’s displaced struggle to survive deadly winter storm under blockade
Pakistan, Russia explore potential oil cooperation amid global sanctions
VIDEO | Press TV's news headlines
ICC: US sanctions 'flagrant attack' on global justice
VIDEO | Clashes in Brussels as farmers demand greater EU support
VIDEO | Gaza’s displaced struggle to survive deadly winter storm under blockade
Advocacy group DAWN launches website exposing 'Faces of AIPAC'
US ambassador meets Palestinian official in Ramallah: Report
UAE exposed as secret buyer in huge arms deal with Israel: Report
Trump, Netanyahu planned war on Iran since February: Report
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
