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Jan 05, 2025 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►

Huzaima Bukhari

Budgets 2020 amid Covid-19 crisis - II: Need for paradigm shift
Opinion

Budgets 2020 amid Covid-19 crisis - II: Need for paradigm shift

In the present circumstances, in the forthcoming federal budget, the need for a fair and simple tax system, as elaborate in Towards Flat, Low-rate, Broad and Predictable Taxes [PRIME Institute, 2016] and referred to in PIDE Policy Viewpoint [16:2020] Doin
Published 22 May, 2020 12:03am
FBR: audit closure, capacity & legality
Opinion

FBR: audit closure, capacity & legality

According to a Press report, the government of Pakistan Tehreek-i-Insaf (PTI) "has quietly closed over 310,000 tax audit cases that had been automatically selected from 2015 to 2017 due to the failure of taxpayers to timely file tax returns and pay due ta
Published 08 May, 2020 12:05am
Covid-19: economic & tax reliefs
Opinion

Covid-19: economic & tax reliefs

Pakistan is facing the brunt of Coronavirus outbreak as the country is in a partial lock down. This has had a negative impact on businesses. Initial estimates show that the economy will witness sluggish growth in services, manufacturing and agriculture se
Published 01 May, 2020 12:54am
A simple tax bailout
Opinion

A simple tax bailout

As mentioned in the last column [Tax bailout for economic revival, Business Recorder, April 17, 2020], all businesses-badly hit by lockdown in the wake of Covid-19 epidemic and due to sluggish economic activities, high utility bills and markup rate-are de
Published 24 Apr, 2020 02:52am
Tax bailout for economic revival
Opinion

Tax bailout for economic revival

According to various Press reports, all businesses in Pakistan, as elsewhere, badly hit by lockdown in the wake of Covid-19 epidemic, are demanding a comprehensive tax bailout claiming that loan facility announced by State Bank of Pakistan (SBP) to pay sa
Published 17 Apr, 2020 12:00am
Covid-19 pandemic, leadership & apathy
Opinion

Covid-19 pandemic, leadership & apathy

In a country of about 210 million people, about 10,000 individuals, prominent in business or profession or holding key positions in state institutions, think they know each and everything and can fix the multiple and complex problems faced by Pakistan, ei
Published 03 Apr, 2020 12:00am
When challenges offer opportunities - II
Opinion

When challenges offer opportunities - II

The PTI government, compelled to borrow more at high interest rate, does not know that billions are lying unpaid with industrial undertakings/employers. Thus the issue is not that of funds but getting due taxes/levies from the wealthy and tax evaders and
Published 02 Apr, 2020 12:00am
Need for all-out reforms - II
Opinion

Need for all-out reforms - II

The main aim of judicial reforms should be elimination of unnecessary litigation and facilitating smooth running of affairs between the State and its citizens. Once both learn to act within the four corners of law, there would be drastic reduction in liti
Published 26 Mar, 2020 12:00am
Need for all-out reforms - I
Opinion

Need for all-out reforms - I

Every now and then, we keep on hearing from higher judicial echelons that the federal and provincial governments must run the affairs in accordance with the Constitution of Islamic Republic of Pakistan [the Constitution] and applicable laws/rules/regulati
Published 20 Mar, 2020 12:00am
Need for new income tax law - II
Opinion

Need for new income tax law - II

Administrative reforms The administration of a tax system is highly complex. No doubt, a proper bureaucratic input is vital for making the system successful, but it is equally necessary to take all the stakeholders on board and laws are made and
Published 18 Mar, 2020 12:00am
Need for new income tax law - I
Opinion

Need for new income tax law - I

When the government of General Pervez Musharraf decided to promulgate a new income tax law in 2000, we, amongst many others, opposed it strongly. Our main objection was that his regime had no mandate to enact any such law. The rule, "No taxation without r
Published 13 Mar, 2020 12:00am
Tax base and filers
Opinion

Tax base and filers

According to a Press release of Federal Board of Revenue (FBR), it received "two million four hundred forty six thousand two hundred and ninety four (2,446,294) Tax Returns for Tax Year 2019 which increased by 45% compared to one million six hundred eight
Published 06 Mar, 2020 12:00am
Existing tax structure and fiscal restraints
Opinion

Existing tax structure and fiscal restraints

Presently, all broad-based and buoyant sources of revenue are with the federal government and contribution of provinces in total tax revenues is merely 6 percent-in overall national revenue base (tax and non-tax revenue) it is around eight percent. This h
Published 28 Feb, 2020 12:00am
Retrieving untaxed/ill-gotten assets - II
Opinion

Retrieving untaxed/ill-gotten assets - II

A breakthrough was made by media showing that investment in Dubai alone by Pakistanis during the past 10 years was in billions, yet instead of taking actions against the offenders, the government of PTI also extended asset whitening scheme, the details of
Published 26 Feb, 2020 12:00am
Retrieving untaxed/ill-gotten assets - I
Opinion

Retrieving untaxed/ill-gotten assets - I

In the Supreme Court of Pakistan, Suo Motu Case No. 2 of 2018 re 'Maintaining of Foreign Accounts by Pakistani Citizens Without Disclosing the Same/Paying Taxes', is still pending for adjudication. It started on February 1, 2018 and after many hearings, f
Published 21 Feb, 2020 12:00am
Dealing with 'debtocracy'
Opinion

Dealing with 'debtocracy'

Total debt servicing increased by around 57 percent during FY 2018-19 compared with last fiscal year which was driven by higher domestic interest payments (on account of rise in domestic interest rates) while external debt repayments increased significant
Published 14 Feb, 2020 12:00am