 Bismillahir Rahmanir Raheem and Astanthikam Pakistan, we are continuing with our sessions on ethical behavior and ethical leadership and in this we are seeing how the different aspects or different root causes tend to compromise an organization and also society. We are going to talk about tax evasion today and also insider trading which are two very symptomatic syndromes of unethical behavior which tend to spoil the whole economic and business environment within a particular country. So ladies and gentlemen these two common topics because whenever we talk about tax evasion then unfortunately in Pakistan we are not a very tax paying nation as we see that there are millions of people who should be owing taxes and they are not paying taxes at all. And therefore what happens is that the state then goes into indirect taxation so whatever you are spending on different things you are also paying a tax on that and that way the government is earning indirect money or revenue through these different taxes. But again when we talk about direct taxation we see that there are a lot of problems which exist within society. Early insight trading is considered to be unethical around the world but unfortunately it tends to take place in Pakistan and what happens is that the whole stock market tends to become pulverized and also dominated by a few players. So let us look at some aspects of tax evasion and how it is taking place. Now when we look at it many large corporations hire the services of professional tax consultants to take advantage of loopholes in the law and evade taxes to the maximum extent possible. The resistance faced by Pakistani government in implementing its value added tax shows businessmen's attitude towards taxes. The reason for non-compliance is a prevalent high tax rate. So ladies and gentlemen what we see is that experts are hired to ensure that taxes are not paid. We do secondly is that value added tax is not being accepted by the business community and then there is also this very high tax rate and also the indirect taxes which exist and therefore people tend to scourge away from giving taxes to the government. Now there has to be a solution to all of this. The FBR has to work out a solution. It cannot keep on just taxing the salary class. The salary class is already battered and it is being further battered by high taxes and we see that corporations are not paying taxes because of their dual books because of having highly paid expert tax consultants with them and then also indulging in immoral practices especially related to books and the records of a particular organization. So again ladies and gentlemen what we see is that the second most important thing is insider trading. This one form of misuse of the official position by an individual in the organization employee leaks out certain confidential data to outsiders or to other insiders which in turn ruins the reputation of the company. Insiders often defend their actions by claiming that they don't injure anyone. Now this all is absurd. Why is this happening? Why do we create a non-competitive environment? Why is it that people tend to sell corporate secrets, compromise on the secrets that they know? Do financial dealings which can damage the credibility and reputation of an organization? Why is it that they would manipulate the stock exchange through insider trading? Now all of these are very very important and pertinent questions and these should not be done within a particular organization. The term also refers to sales or purchase of the company share by a person inside a company. This is the misuse of price sensitive information which gives undue advantage to the one who knows about it over others in the markets and insider trading exposes the organization and destroys its reputation among people. So what is happening is that someone in an important position is able to play around with the information of the organization knowing that maybe they are going to be announcing a loss or a mega profit in the annual general meeting and based upon that there would be dividends and they would play around with the shares accordingly and therefore they would manipulate the market. Now this is extremely bad. So ladies and gentlemen, very important that one should pay the taxes properly as an individual and as a corporation and should not indulge in insider trading either as an individual or as a corporation because these are two major reasons for creating unethical behavior and unethical environments in the market and they should be avoided at all costs. So what we see is that insider trading tends to manipulate and tends to destroy not only the organization but also the stock market and the greater economy of the nation. Similarly it also gives great disrepute because then international investment does not come in international players do not come and join the stock market and therefore it can create a very negative outlook of a country if there is insider trading and secondly what we have to also tend to promote is giving taxes and what we have to do away with or shed away with is not paying taxes and ensuring that there is a larger segment of society which is paying taxes. Thank you so much.