Mian Zahid suggests to execute new plan to promote documented economy.

Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said efforts of present and former governments has not succeeded to discourage cash economy, therefore, a new plan to promote the documented economy should be executed.

Taxpayers and tax collectors should be brought closer to reduce the volume of the cash economy which is increasing despite efforts, he said.

Mian Zahid Hussain said that amnesty schemes, withholding tax on transactions and high interest rates during 2019 has not worked and a good number of people still prefer to remain out of the documented economy.

Talking to the business community, the veteran business leader said that according to a report the people held 29 percent of the money outside banks in 2015 and now the ratio has jumped to 42 percent.

Repeated increase in withholding tax on bank transactions has not helped as many prefer to pay a higher tax than...