POLITICIANS tend to be very careful when it comes to revealing their true wealth — as are many others. The annual statements of assets and liabilities of parliamentarians and their dependents submitted to the Election Commission of Pakistan confirm how economical politicians can be with the declaration of their true net worth. The ritual started by the military regime in 2002 with the ulterior motive of keeping public representatives under its thumb was widely appreciated as it was expected to make the latter transparent and accountable to the voters. So was the practice by the Federal Board of Revenue to publish the tax details of parliamentarians. Indeed, these documents give a glimpse of their bank accounts and asset portfolios, yet neither of the two actions has produced the desired results — despite the large discrepancies between their declared wealth and actual luxurious lifestyles. It is because our tax laws are lax and allow individuals enough room to hide assets they do not wish to declare or devalue the worth of those they choose to reveal.

At the same time, they can inflate or understate the value of their holdings at whim. Take the statement of assets and liabilities submitted by Prime Minister Imran Khan. According to the details published by the media, Mr Khan, who rode to power on his anti-corruption campaign, is poorer this year compared with last year because he has chosen to declare the ‘cost value’ of his holdings rather than their present market worth. Same is the case with former premier Shahid Khaqan Abbasi and PTI legislator Khayal Zaman Orakzai. The three gentlemen who were included in parliament’s billionaire club until a year ago are no longer part of it because of the ‘reduced’ value of their holdings. In the absence of a proper mechanism for regular scrutiny of the published assets and liabilities, and tax details of the lawmakers, the entire exercise is meaningless. At best, it will continue to provide cheap fodder for drawing-room gossip.

Published in Dawn, November 13th, 2020