We can plug this corruption by taking stringent measures against corrupt officers within our government institutions
LAHORE: We have been following the wrong policies, which have now stifled business activity in the country. Our monetary and fiscal policies have failed to galvanise our economy, which has been declining at a faster rate than ever before. Tax evasion has been a major problem for our revenue system. This has further eroded the tax base. The chairman of the Federal Board of Revenue has admitted to there being corruption worth Rs500 million in the tax system. This shows how inefficient the whole system has become.
We can plug this corruption by taking stringent measures against corrupt officers within our government institutions. The National Accountability Bureau chairman has painted a dismal scenario in this regard. The whole system seems to be collapsing. The regulatory authorities have also failed. There are too many regulations that control business activity. Most of these are unnecessary and cause problems for businesses. It is difficult to meet these requirements. They do not promote business activity, rather slow it down. The restrictions imposed on us are costing us revenues. We must revisit and revise these regulations, and formulate business-friendly policies.
In order to kick-start businesses and economy, we need to deregulate most industries and businesses. This has been done by developed nations to spur and boost their economies and their experiment has been successful. We should study the effects of the present bulk of regulations. Those which are hampering business activity must be done away with. Deregulation perhaps is the only remedy left to boost our economy.
Javaid Bashir
Published in The Express Tribune, February 11th, 2015.
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