There is a harassment of businessmen by unscrupulous elements and interference of unconcerned persons in transactions
ISLAMABAD: Of late, the gulf between the government and the business community is growing due to various developments. While certain new measures taken by the government are intended to serve the national economy positively, they have proved to be counterproductive and have reduced the government’s revenue earnings. A case in point is that businessmen are now heavily turning to hawala transactions, since issuance of cheques above a certain amount has high tax consequences, affecting the ease of doing business.
Another negative factor is the continued harassment of businessmen by unscrupulous elements and the interference of unconcerned persons in purely business transactions for their own self-interest. Unethical practices, such as strong-arm tactics, threatening phone calls and use of paid outlaws for unwarranted actions are being adopted. Law-enforcement agencies have been known to take advantage of businessmen to extort money. If such pressure tactics continue and are not addressed, Pakistan should expect a deteriorating business environment and a significant reduction in the number of people willing to actively participate in business.
Iftikhar Gul
Published in The Express Tribune, May 17th, 2016.
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