Tax evasion has become a big threat to the country's economy, Mian Zahid Hussain

 Tax evaders and facilitators are a threat to economic stability, terrorism. China's tolerance also has a limit, Chairman National Business Group

Friday, November 15, 2024

Karachi (News International Newspaper Latest - NNI. November 15, 2024) Chairman of National Business Group Pakistan, President of Pakistan Businessmen and Intellectuals Forum and President of All Karachi Industrial Alliance, Chairman of FPCCI Policy Advisory Board and former provincial minister Mian Zahid Hussain said. Tax evasion has become a major threat to the country's economy. Laws should be tightened to prevent tax evasion and non-payment and tax officials involved should be severely punished.

Mian Zahid Hussain, talking to the business community, said that many important sectors of the economy are not paying taxes, the country is suffering from problems due to tax shortfalls, but despite this, some elements involved in the tax machinery are helping the tax evaders and making billions in the country. They are causing loss of rupees which is a threat to the economic stability of the country.

Due to tax evasion and non-payment, the revenue of the government decreases, which affects infrastructure projects, health and education and other service delivery sectors.

Apart from the financial losses of tax evasion, it reduces public confidence in the tax system and many people are attracted to tax evasion instead of paying taxes. To eliminate tax fraud, it is necessary to self-organize the entire system and increase coordination between various institutions so that the country can stand on its feet in terms of tax collection. Mian Zahid Hussain said that the track and trace system has been made ineffective, the monitoring and audit system is weak, while it is necessary to automate the entire tax system to prevent the collusion of tax evaders and tax collectors involved in tax evasion so that sustainable economic development can be achieved. can be ascertained.

Mian Zahid Hussain said that to prevent tax evasion, if all types of business purchases and sales are digitized, tax can be automatically collected at a fixed rate, while heavy fines, suspension of tax incentives, and initiating a series of criminal cases. This problem will never be solved and also the tax system itself to prevent fraud schemes, creation of shell companies, manipulation of invoice prices, flying invoices and all other forms of evasion. There is a need to do this as tax evasion is on the rise due to loopholes in the tax system.

Mian Zahid Hussain further said that the incidents of terrorism are increasing in the country while the style of operations of the enemies of the country is also changing. The kind of incidents that used to happen in Khyber Pakhtunkhwa are now happening in Balochistan as well, which shows the growing cooperation between the terrorists on both sides. No country or company is ready to invest in Pakistan due to terrorism. China alone is investing in Pakistan, but its citizens are also being killed. China's protest against these incidents is increasing and our policy makers should understand that there is a limit to China's tolerance.