Traders and investors are major players in the development of a country. If traders are earning legitimate profit, the country prospers and if they are not making advantage of their investment, it will have severe consequences for the state and the people living in it. Just recently we saw investors getting on roads in support of their interests. The evident reason for the protest was the condition of presenting CNIC in case amount of transaction exceeds Rs 50,000. What is so bad in presenting a copy of CNIC if one is entering into a legal and legitimate deal.
It should also be remembered that not all traders against the economic reforms introduced by PTI government, but some segment of them, of course leaning towards the opposition parties, have categorically rejected this stance. Some traders even came in support of government’s reforms agenda and showcased placard supporting widening of tax net.
What ails Pakistan’s economy in the contemporary time period? Of course it is intention to document every transaction. Investors deserve legitimate revenue and ease of doing business but for this they are supposed to declare each and every bit of their money.
Rise in the unidentified bank accounts has already raised serious concerns among people. It is evident of the fact that huge amount of money has been kept undisclosed. This practice has been carried on for 70 years and that too under political shelter.
Traders need to act as a businessmen with clear intentions to earn profit as well as to perform their corporate social responsibility rather a pressure group which can attain objectives what they want.
Now that the government has succumbed to trader community pressure, and almost accepted whatever demands they have put forward, it is time to get serious and determined. Traders earning more than Rs 100 million annual turnover would have to pay 0.5 percent of the turnover instead of 1.5 percent. The condition of presenting CNIC in transactions exceeding Rs 50,000 has also been delayed for at least three months.
Government seems to be backtracking on everything it said. Traders seem to be acting as pressure group with vested interests. Until when this practice of reluctance and avoiding taxation will keep on happening? Why is it so bad for small to medium to large traders to present CNIC on transactions worth any amount?
According to some estimate, the undocumented economy is worth more than the one registered. It is a sheer injustice with state of Pakistan as this also means massive economic loss.
People want sustainable economic opportunities and for this both state and the trader community would have to play their role. According to recent Gallup survey, people are more concerned about the state of economy than any other issue including terrorism.
Government seems to be backtracking on everything it said. Traders seem to be acting as pressure group with vested interests.
Amidst all this, government would have to mend its ways and spend gathered tax on the welfare of common man and even on the investors. Pakistan’s ranking in ease of doing business index shows government is making structural adjustments to create ease for local and foreign investors. In spite of this widening tax net and implementing
The trader community must also play its role in the betterment of state of economy. Instead of being a pressure group, traders must come under the ambit of law and present everything without any fear. But this will happen only if they are on the right track and are doing their business in accordance with law.