What Ails Pakistan's Tax System?

Pakistan once again finds itself in a very hard economic situation, but the gravity of the present crisis is far more serious than any we have seen so far. High fiscal deficits, coupled with overspending over the last decade, have pushed Pakistan into a situation where lenders are unwilling to bail us out unless we make serious and consistent efforts towards fundamental economic reforms. In this article, I focus on some tax policy issues and how we should address these challenges.