Voluntary disclosure schemes encouraging tax evasion, helping dishonest
Amnesty schemes shattering faith in honest labour, wakening country
Supreme Court asked to probed money parked in tax heavens
Civil society should push govt to recover lost revenue
Islamabad: [September 02]
The Pakistan Economy Watch (PEW) on Friday said tax amnesty schemes are not adding significantly to government coffers but encouraging big-time tax evaders and their helpers.
Idea behind such schemes is to unearth huge amounts of undeclared money but it has become controversial, questionable and useless, it said.
Schemes aimed at retrieving the lost revenue exempts offenders from punishment and help those who assist wealthy hide their taxable income, said Dr. Murtaza Mughal, President PEW.
These schemes are flawed on several counts and raises serious questions as far as moral and social aspects are concerned, he said.
Such schemes offer incentive to individuals and companies to keep money undeclared and have almost no impact on black economy; he said adding that policy makers should not ignore its dangerous effects on moral fabric of society.
"Such schemes may give short-lived boost to our ailing economy but will not help to curb corruption and tax evasion," said Dr. Murtaza Mughal.
He said that influential generates around $15 billion of black money every year while the unrevealed cash is estimated to be $200 billion which can resolve many problems we are facing if governance is improved.
Offering incentives for declaring undisclosed income are not a solution; it send message that government is ready to condone tax evaders and will pursue honest tax payers," he said.
Media and civil society have been raising voice against corruption but inaction by the government amounts to sponsoring corruption, he said.
Dr. Mughal demanded asked the Supreme Court to take steps against those who have parked their money in tax heavens.
He asked honest politicians and civil society to push the government discharge legal duty by signing a deal with Swiss government to recover the lost revenue and stolen funds which are badly needed at home.
Putting the critical issue of rampant corruption on the backburner will continue to weaken the country, he warned.
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Dr. Murtaza Mughal
Cell: 0321-5157671
President Pakistan Economy Watch
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