Influence of cartels rising: PEW

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 continue to take actions which please the unscrupulous businessmen and landlords which make life difficult for the masses, it said. The political 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 were being taken to please elite which had frustrated all efforts to raise revenue, broaden tax net, contain increasing black economy. Schemes to whiten the black money have failed to show stated or desired results while it has encouraged tax evasion, he noted.

Mughal said that business mafias were getting tax breaks and other benefits but no one in the power seemed interested in tapping the huge potential of overseas Pakistanis. Government was ready to accept humiliating conditions for loans but was unwilling to nab the tax cheats or landed elite which was amazing.

Continued promotion of 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.

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