President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Monday said rampant tax evasion is resulting in poverty, unemployment and illiteracy in the country.

Loans and grants can never be a substitute to the economic activity which is imperative for the national development, he said.

Mian Zahid Hussain said that regressive taxation regime introduced by many countries has killed the economy activity keeping the dependent on loans and charity.

Talking to the business community, the veteran business leader said that no amount of borrowing or charity can help a country as economic activity is the only solution to the problems. The former minister noted that reduced economic activity triggers poverty, illiteracy and child labour putting future of the country at stake.
He said that our economic situation is worst in South Asia, inflation is highest in the region which increasing taxes are opposing economic progress.