Islamabad, July 24, 2012 (PPI-OT): The Attock Chamber of Commerce and Industry (ACCI) on Tuesday expressed serious concern over deterioration of important institutions in the country.
Many federal and provincial institutions are decaying with and heading on the path of disintegration, it said.
Failure of institutions has been bring economy down which it has contributed to overall uncertainty, said Tariq Mehmood, President Attock CCI.
The situation in Federal Board of Revenue (FBR) one of the most important departments in country needs urgent attention of the authorities concerned as its decay has raised concerns among business community, he said.
He said that lack of accountability, absence of transparency and frequent transfers and postings in the Apex tax collection body is sending wrong signals and hurting working of the institutions which has always invite ire of independent economists and business community.
Tariq Mehmood said that so far not a single chairman of the FBR has initiated serious action against tax-evaders meaning thereby that the top brass of FBR has been contributing to the tarnished image of this body.
Many institutions have earned fame by bungling of funds, mismanagement, misreporting, inefficiency, highhandedness and resisting purposeful reforms, he said.
Tariq Mehmood, who is also Director Pak-UK Business Council and Chairman FPCCI Committee on Health, said heavy spending to boost tax-to-GDP ratio in last ten years has helped bring the ration 12.5 per cent in 2002-03 to 8.2 per cent in 2010-11.
The falling ratio proves that elite are hiding more money from being taxed and that they are doing it successfully with the help of officials concerned, he observed.
The business leader said that the continued plunder of national resources meant for the welfare of the weaker segments of society has become a sad fact which is barring middle class businessmen from filing returns.
Many evade billions by under-reporting their invoices, submitting incorrect declarations of imported goods and misuse of the transit trade facility but this evasion is not possible without the connivance of tax collectors.
Avoiding action against the accused in the recent Rs 47 billion scam in FBR will become incentive for corrupt and help accelerate the process of institutional decay, warned Tariq.
For more information, contact:
Syed Masood Alam Rizvi
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Tel: 0092-21-35873691, 93-94
Fax: +9221 3587 4332