It has become almost a routine of present government, just like Musharraf and Zardari, to announce new taxation measures, get them approved by NA and then subject these legislated taxes to ridicule, withdrawing or diluting their impact through negotiations with so called stake holders. When tax evaders instead of being penalized, become stake holders, than such a country is reduced to Banana-Republic where Black Economy is almost triple Documented Economy and has state protection.
There has to be a method to this madness, because repetitive nature of such exercises in Post-Budget approval suggests a planned scheme. It is no coincidence that State Exchequer is sole loser of such exercises and only individuals stand to benefit. The artificial boom in real estate prices has made it beyond reach of honest Pakistanis, who pay all taxes and have no black money. As usual bogey of foreign investment by expatriate dual nationality holders is drummed up, although reality is that almost double or triple money is repatriated from huge profits generated by speculative real estate business.
When such dubious policies are adopted it is outcome of Conflicts of Interest of public office holders representing government and beneficiaries of tax evasion, both having common vested interests. It is no wonder that maximum artificial rise in real estate is in Karachi where law and order is worst and black money parked in this trade funds the only expanding business in Pakistan, which is criminal economy.
The fact that every major Real Estate Don of this country has acquired assets abroad, where their families live, should have raised alarm bells, but sadly there is no such concern, because ruling elite and members of paid civil and uniformed establishment of this country have shared common vested interests. Crime will continue to flourish as long as Black Economy is not curtailed and those who have chosen to live and die in Pakistan will continue to be sacrificed at altar of insatiable greed of few.
Mere military operations will not cleanse this country of terrorism, unless economy is documented and enough taxes collected to impart education, health and generate employment, to discourage recruitment by terrorists.
G. Zaman
Peshawar
