Muzzammil highlights stark losses in stock market

PESHAWAR: Advisor to KP Chief Minister on Finance and Inter-Provincial Coordination Muzzammil Aslam stated that the stock market has a market capitalization of USD66 billion based on the current index (158,000).

In a statement issued here on Wednesday, he added that in 2017, the stock market was valued at USD100 billion when the index stood at 50,000. Those who bought shares in 2017 are still facing a 34 percent loss in dollar terms today.

Muzzammil Aslam further said that the government, formed through “Form 47”, claims that the economy is improving, while Pakistan is experiencing historic levels of poverty and unemployment.

The Finance Advisor noted that even after seeing the World Bank’s poverty report, the authorities remain unaware, despite the fact that the World Bank’s report echoes what Chairman Imran Khan has been saying.

He said that Pakistan’s economic model is failing in relation to poverty, a point that Imran Khan has repeatedly emphasized. Aslam said one should consider how well Imran Khan understands the ground realities, and how ignorant the current government is.

Advisor to the KP Chief Minister on finance Muzzammil Aslam said that only one week is left in the deadline for filing tax returns while millions have already submitted their tax returns. Now the FBR issued an SRO (Statutory Regulatory Order) requiring that the market value of assets also be declared. This has caused widespread concern across the country. Muzzammil Aslam said that interestingly, those who have already filed returns will also have to make amendments.

Muzzammil Aslam further stated that people already avoid the tax system due to harassment and Pakistan’s globally high tax rates.

While the Finance Minister has been promising for one and a half years to simplify the tax return process, the situation is going in the opposite direction. He said that many tax consultants have contacted him and expressed the same concern.

He added that this move is illegal any changes made to a tax return form must be accompanied by at least 90 days of time for compliance.