Rising debt and inflation see Pakistan try to tax the rich | IOL News

GUJJAR KHAN - As he shouldered bales of straw for buffalo fodder and tossed them from a truck in 110-degree heat, Habib Gul, 58, ticked off the reasons he is angry at Prime Minister Imran Khan and his efforts to salvage Pakistan's bankrupt economy."Everyone on this truck voted for him. He's going after the thieves and scoundrels as he promised, but he has done nothing for the poor. With the high prices and new taxes, Imran Khan is ruining us.

Many people still support Khan's efforts to stabilize the debt-ridden economy while tackling money laundering and tax evasion. But they say the pain of austerity measures, combined with new taxes and free-market fiscal policies, is becoming unbearable. In June, the rupee fell to an all-time low of 162 against the U.S. dollar. Inflation reached 9 percent and exports stagnated, leaving Pakistan with a trade deficit of over $30 billion .

Already, the tough measures, especially plans to impose new business taxes, have spurred protests by traders and strike threats by mill owners. But Pakistan's army chief expressed strong support for the government's actions, an unusual gesture that underscores the severity of the crisis. Khan's asset declaration program appears to have been a huge success. On Wednesday, when the amnesty deadline expired, officials said about 135,000 people had declared assets worth about $6.5 billion. Federal revenue agents also began seizing large undeclared properties, including 350 acres that a wealthy opposition legislator had reportedly registered in the names of his servants.

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