Islamabad, The Attock Chamber of Commerce and Industry (ACCI) on Wednesday expressed serious concern over failure of politicians and deterioration of institutions in the country.
Failure of institutions is bringing economy down which has contributed to overall worsening situation and uncertainty, said Tariq Mehmood, President Attock CCI in a press statement.
He said that the situation in Federal Board of Revenue (FBR) needs urgent attention as its decay is hurting every sector of the economy.
Lack of accountability, absence of transparency and frequent transfers and postings in the FBR is sending wrong signals; it has raised concerns among business community, he added. Tariq Mehmood said that so far not a single chairman of the FBR has initiated serious action against tax-evaders which amounts to tarnish the image of FBR.
FBR spent billions in last ten years to boost tax-to-GDP ratio only to bring the ratio from 12.5 per cent in 2002-03 to 8.2 per cent in 2010-11.The falling ratio proves that elite are hiding more money from being taxed with the help of officials, he observed. Avoiding action against the accused in the recent Rs 47 billion scam in FBR will become incentive for corrupt and help accelerate the process of institutional decay, warned Tariq.