Pakistan's economy has long been plagued by a persistent challenge: the undocumented economy. Estimated to be worth a staggering $457 billion, this shadow economy encompasses a vast array of sectors, from street vendors to small businesses, and even a significant portion of the real estate sector. The implications of this phenomenon are far-reaching, with severe consequences for Pakistan's economic growth, revenue collection, and fiscal capacity. One of the primary drivers of Pakistan's undocumented economy is its complex and unfair tax regime. With a tax-to-GDP ratio of just 11%, Pakistan has one of the lowest tax revenues in the world. This is largely due to a narrow tax base, which excludes many sectors and individuals. As a result, those who do pay taxes are burdened with an unfair share of the tax burden, leading many to seek ways to avoid or evade taxes altogether. Another factor contributing to the undocumented economy is the incapacitated banking sector. With comple...