Published On: Mon, Dec 23rd, 2013
Published in Category: Islamabad

Influence of cartels rising: PEW

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ISLAMABAD: The Pakistan Economy Watch (PEW) on Sunday said influence of cartels and landed gentry has been rising which is biggest hurdle in self-sufficiency.

The government continues to take actions which please the unscrupulous businessmen and landlords which making life difficult for the masses, it said.

The political as well as military governments have always compromised national interests to please special interest groups which has left country dependant on loans and masses impoverished, said Dr. Murtaza Mughal, President PEW.

He said that majority of the decision are being taken to please elite which has frustrated all efforts to raise revenue, broaden tax net, contain increasing black economy or get economy documented.

Schemes to whiten the black money have failed to show stated or desired results while it has encouraged tax evasion, he noted.

Dr Murtaza Mughal said that business mafias are getting tax breaks and other benefits but no one in the power seems interested in tapping the huge potential of overseas Pakistanis.

Government is ready to accepted humiliating conditions for loans but unwilling to nab the tax cheats or landed elite which is amazing.

Continued promotion the interests of influential has created a credibility crisis for the ruling class, said Dr. Mughal.

Culture of tax holidays, incentive schemes, untaxed income of farm sector and relaxations to the real-estate sector and stock market is blocking the national development.