Transparency in financial and administrative affairs has always remained a pressing issue in the country since independence. Unfortunately, the accounts of the country could not remain at satisfactory level despite introduction of reforms and establishment of various new departments to streamline the financial affairs, ensure full audit of the public accounts and keep transparency in the use of money at all levels. It is equally disturbing that the institutions, which were set up to ensure transparency in the financial matters, themselves fell prey to corruption, mismanagement and red tape. As a result, the government money was used and misused by incompetent officials without any tinge of conscience and fear of any accountability. Now the people have become used to corruption as a routine and no one has ever been held responsible for mismanagement or maladministration at any level and in the past or present history of the country.
Fiscal transparency plays important role in the development of business, trade and industry and is a crucial factor to maintain balance between savings and spending. The budget making process and allocations for development plans all come in the realm of fiscal transparency which is very much absent in this country. In this age of information, the government is even unaware of the production capacity of the electricity, revenue generation through various channels and total spending in a fiscal year. Everything is worked on the basis of assessment which could not be relied on most of the time. The government is now taking foreign loans, but it has apparently no record of spending and this is great disservices to the nation. The annual budgets are prepared on the basis of proposals and often on wrong assumptions of revenue generation from various sections of the economy. During the execution process, the government suddenly comes to know that funds are not available to launch a particular project. Than it looks toward a donor agency for money. No one knows how long this vicious circle of ignorance and inability will continue.
As a matter of fact, the government should maintain clear record of revenue collections and revenue spending. The office of the auditor general is one of the most influential institutions of the country, but it is difficult to believe how it works in a corrupt environment. No effort has been made so far to enhance tax net to a standard level. Instead, the government relies on issuing SROs, amendment to tax laws or amnesty schemes for tax evaders without any result at the end of the day.
