Fake goods causing 90-100 billion loss to economy annually
\nDLP Report
\nSWABI
\nA staggering 80 percent of consumer products in Pakistan are counterfeit, with small towns and rural areas being the worst hit. The illicit trade results in a massive annual loss of 90-100 billion dollars to the country\u2019s economy, said speakers at a dialogue session.
\nThe dialogue was organized by ACT Alliance Pakistan in Swabi with civil society and media representatives to discuss the harmful effects of illicit trade on local, provincial, and national economies. The event included representatives from various sectors, including trade and business leaders, journalists, and civil society organizations, who discussed the severe economic challenges of illicit trade, tax evasion, smuggling, and counterfeit products.
\nExperts and stakeholders urged the government to tackle this growing menace. The prevalence of counterfeit products not only hurts the economy but also poses serious health and safety risks to consumers.
\nAddressing the gathering, Muhammad Ali Khan, President of the Traders Association Swabi, lauded the efforts of ACT Alliance in raising awareness and fostering cooperation against illicit trade. \u201cACT Alliance\u2019s initiative to reach out to local leaders and raise awareness about illicit trade is commendable.
\nThe business community in Swabi recognizes the challenges posed by illicit trade and is committed to collaborating to eliminate this threat,\u201d he said.
\nThe dialogue also highlighted the tax evasion figures across various sectors, underscoring the severity of the issue.
\nTax evasion in the petroleum sector amounts to Rs. 996 billion annually, in the real estate sector to Rs 500 billion, and in the tobacco sector to Rs 310 billion.
\nDespite these alarming figures, the government has unfairly focused on extracting more taxes from the tobacco sector, which is already heavily taxed. At the same time, a significant majority of local companies evade taxes. Local civil society leaders expressed deep concern over this imbalance. They emphasized that the government should take decisive action against tax evaders and those involved in the illicit trade of tobacco products.
\nMubashir Akram, National Convener of ACT Alliance, gave a comprehensive presentation to the participants, emphasizing the potential benefits of combating the illicit economy. \u201cIf Pakistan recovers even 50% of the losses caused by the illicit economy, it will result in billions of dollars of investment in national and local development projects, directly benefiting the people of Swabi,\u201d Mubashir Akram said. He urged the participants to help raise public awareness of illicit trade and tax evasion at the local level.
\nThe dialogue also underscored the importance of a multi-faceted strategy to combat illicit trade. ACT Alliance employs various approaches, including advocating for a robust regulatory framework, organizing public awareness events, and promoting local and international cooperation to address the issues of smuggling and counterfeit products. By aligning with proven best practices and leveraging local expertise, ACT Alliance aims to build a sustainable and effective movement against activities that harm Pakistan\u2019s economy.
\nParticipants, representing various sectors and interests, collectively expressed their commitment to working together. They acknowledged that tackling the complex challenges of illicit trade and tax evasion requires a united effort from all stakeholders, including businesses, civil society organizations, the media, and government institutions. This unity of purpose instills hope and confidence in joint efforts against illicit trade.
\nThe dialogue in Swabi is part of a series of events organized by ACT Alliance in various cities to raise public awareness and foster cooperation in the campaign against illicit trade and tax evasion. The Alliance aims to build a strong network of stakeholders to create a transparent and fair economic environment in Pakistan.<\/p>\n","protected":false},"excerpt":{"rendered":"
Fake goods causing 90-100 billion loss to economy annually DLP Report SWABI A staggering 80 percent of consumer products in Pakistan are counterfeit, with small towns and rural areas being the worst hit. The illicit trade results in a massive annual loss of 90-100 billion dollars to the country\u2019s economy, said speakers at a dialogue […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":{"0":"post-425893","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-peshawar"},"yoast_head":"\n