Recorder Report Published about 2 hours ago LAHORE: “As much as 60 percent of Pakistan’s total tax revenue comes from a single sector, the large-scale manufacturing sector. This highlighted the imbalance in the country’s tax system. The burden on this single sector is four times higher than on the rest of the economy, leaving it struggling to breathe. As a result, the manufacturing sector is moving in the negative rather than showing growth each year.” This was stated by former federal finance minister Dr Hafiz A Pasha during a speech at the Lahore Chamber of Commerce. LCCI President Faheem ur Rehman Saigol, Senior Vice President Tanveer Ahmed Sheikh, Vice President Khurram Lodhi, EC member Firdous Nasar, former EC member Mian Muhammad Nawaz, and others were also present on the occasion. Dr Pasha noted that Pakistan has several sectors with high income potential, such as agriculture, yet the tax revenue from these sectors remains minimal. Only one percent of landowners possess 22 percent of the best agricultural land, but the revenue collected from the agriculture sector is negligible. Following IMF directives, the government has estimated just PKR 4 billion in tax collection from the agriculture sector next year — extremely low compared to PKR 4,500 billion collected from the manufacturing sector. He added that investment in Pakistan has sharply declined. Today, investment in the large-scale manufacturing sector is much lower than it was 25 years ago. The biggest concern is that the depreciating capital stock is not being replenished, which hampers the sustainable growth of the manufacturing sector. Saigol said that Pakistan has not properly utilized its economic…