Islamabad: Islamabad Chamber of Small Traders on Saturday said business community supports the move of the Supreme Court to bring funds stashed in foreign banks back to Pakistan.
The decision of the Apex court to form a committee of experts to make a strategy to bring money back to Pakistan should be implemented as soon as possible as it is a matter of vital national interest, it said.
The economic situation is deteriorating with a rapid pace resulting in frequent devaluation of local currency which is increased burden on poor and the exchequer, said Shahid Rasheed Butt, Patron ICST.
The authorities must take corrective measures otherwise the government will have no option but to seek another IMF’s loan on harsh conditions, he added.
He noted that flight of capital has become the order of the day because investors feel secure by keeping their funds in the banks abroad while keeping money in the country is considered a risky affair.
Continued flight of capital can be stopped if the laws protecting investments are improved and concerned departments bridge the trust deficit, he added.
Shahid Rasheed Butt said that majority of the business community prefer tax evasion due to the negative attitude of collectors and widespread misuse of funds by the bureaucracy and public representatives.
Masses think that the money raised through taxation is used to benefit the elite, therefore, they should not feel obliged to pay taxes.
The tax collection can only be improved if the corruption is stopped at the upper level, he said.
