Every Pakistani owes over Rs 1 lac in debt: report

02:06 PM | 5 Mar, 2016
Every Pakistani owes over Rs 1 lac in debt: report
ISLAMABAD (Web Desk) – Pakistan’s debts hit Rs 181 trillion by September 30 burdening every citizen by around Rs 100,000, says policy report issued by the Finance Ministry.

The report compares the debts with the sum in June 30 which was Rs 173 trillion.

Pakistan’s domestic debts increased to Rs 127 trillion while foreign debts to $51 billion by September 30 of the last year.

Meanwhile, the debts now make 60 percent of the country’s economy. According to the law, debts should be less than 60 percent of the Gross Domestic Product (GDP).

The report states that provinces were also given shares in the funds collected under taxes however, the federation swallowed up Rs 131 billion levy.

On the other hand, the policy report refuted government’s claims of not achieving tax targets. The government gained around Rs 571 billion through oil taxes in the last fiscal year which was at least Rs 8 billion more than the target.

At least Rs 233 billion from local sale, Rs 166 billion through sales tax on imported oil and Rs 24 billion custom duty was added to the national treasure.