Penalties for tax evasion must be enhanced: PBIF chief

President of Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has suggested that punishment and penalties for tax evasion must be enhanced. He said exports continue to fall despite massive investment therefore government should focus on remittances and reforms in the tax administration to save the country's economy.
He said that reforms should be initiated by taxing agricultural income while the recommendations of Tax Reforms Commission should be followed in letter and spirit. Hussain further said that tax exemption has inflicted a loss of over 100 trillion rupees in the last 38 years which is above the losses resulted due to terrorism. Meaningful economic reforms and selling bleeding enterprises can boost government's income by two trillion rupees, he said.