The Pakistan Economy Watch (PEW) on Wednesday said the country cannot develop in the presence of existing laws.
These laws are made to support the elites that have nothing to do with the protection of the interests of the people, it said.
The majority of the victims of fraud have no way to get justice while the looters enjoy all kinds of protection, said Brig. (retd) Aslam Khan, Chairman PEW.
In a statement issued here today, he said that government officials treat investors as enemies and they are harassed in every way for bribes.
Due to the negative attitude, the number of people coming to do business in Pakistan is very low and the number of people fleeing the country is very high.
Muhammad Aslam Khan said that as a result of weak laws and the collusion of concerned departments, most frauds are taking place in the property sector, where a large number of buyers are robbed of their lifetime earnings.
Chairman Pakistan Economy Watch
www.pakistaneconomywatch.com
The victims try to get justice for decades as the real estate sector has become an organized mafia that is used by the elite to hide illegitimate money.
The aristocracy has kept investment easiest and profit unbelievable in this sector therefore few would be interested in setting up an industry that generates revenue and employment, he observed.
He regretted that now the investment in the agricultural sector is also continuously decreasing and this money is also being invested in the real estate sector due to which the agricultural country is now forced to import billions of dollars worth of wheat, cotton, pulses, oil, etc.
Aslam Khan further said that the real estate sector is a favorite sector of the elite, so it is neither properly taxed nor regulated as it gets amnesty schemes at the cost of the masses.
Due to these issues, this sector has become a big problem for the people and the country’s economy.
It is grabbing the agricultural lands, spoiling the cities, increasing inequality, and robbing the people in the name of the illegal file system.
The prices of the plots are manipulated to such an extent that the poor and the middle class cannot dream of owning a house.
He said that ninety to ninety-five percent of this government’s tax is direct, which means that even if the FBR is closed, the revenue of the government will decrease by barely ten percent.
