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Apr 29, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►

Huzaima Bukhari

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
Tax frauds, corruption & NAB
Opinion

Tax frauds, corruption & NAB

In majority tax frauds, the usual parties are the official(s) and the taxpayer(s). Cases where unilateral tax fraud is committed are rare such as using fictitious bank account(s) to obtain fake refunds. But even in such cases, bank officials are involved
Published 07 Feb, 2020 12:00am
Stay of recovery in tax matters - II
Opinion

Stay of recovery in tax matters - II

It needs to be mentioned that the principle contained in Additional Collector-II Sales Tax, Lahore Vs M/s Abdullah Sugar Mills Ltd (2003 SCMR 1026) relied by Division Bench was misplaced, due to wrong inference drawn and after changes in law that are disc
Published 02 Feb, 2020 12:00am
Stay of recovery in tax matters - I
Opinion

Stay of recovery in tax matters - I

In tax disputes the principles relating to stay of recovery in appropriate cases with or without condition, whether provided statutorily or as a matter of inherent jurisdiction, are well-established. The highest court of the country, the Supreme Court of
Published 31 Jan, 2020 12:00am
Subverting tax tribunals
Opinion

Subverting tax tribunals

"The raison d'être of establishing special tribunals has been to dispense better quality of justice where people, better trained in particular fields and disciplines could provide quality decisions and resolution of disputes... . Appointing members to the
Published 24 Jan, 2020 12:00am
A rejoinder
Opinion

A rejoinder

In response to our article (Unconstitutional taxation by provinces, Business Recorder, January 3, 2020), a letter was published on January 9, 2020 titled 'Unconstitutional' taxation by provinces: SRB's response' that raised some questions and made a few o
Published 17 Jan, 2020 12:00am
The corrupt, tax cheats, 'secrecy' & RTI - II
Opinion

The corrupt, tax cheats, 'secrecy' & RTI - II

The passing of Foreign Assets (Declaration and Repatriation) Act, 2018, the Voluntary Declaration of Domestic Assets Act, 2018, promulgation of the Assets Declaration Ordinance, 2019 and later enacted as the Assets Declaration Ordinance, 2019 as part of F
Updated 13 Jan, 2020 07:10am
The corrupt, tax cheats, 'secrecy' & RTI - I
Opinion

The corrupt, tax cheats, 'secrecy' & RTI - I

2020 has started and apparently everyone has forgotten what the Supreme Court desired in Suo Muto Case No. 2 of 2018, started on February 1, 2018, and what happened thereafter. The last hearing in this case, which is still pending, was held on January 14,
Published 10 Jan, 2020 12:00am
'Unconstitutional' taxation by provinces
Opinion

'Unconstitutional' taxation by provinces

The imposition of any kind of legislation that include levy of any tax or duty, cess etc having extraterritorial impact and involving entities operating on trans-provincial levels by any provincial assembly is patently against Article 141 of the Constitut
Published 03 Jan, 2020 12:00am
2020: main fiscal challenges
Opinion

2020: main fiscal challenges

"An unusual decline in revenue collection and steep rise in current expenditures caused a deterioration in all major fiscal indicators during FY19. The overall budget deficit during the year stood at a historic high of 8.9 percent of GDP, which was also i
Updated 20 Dec, 2019 04:57am
World Bank-funded tax reforms
Opinion

World Bank-funded tax reforms

The World Bank (WB), in an appraisal paper related to Pakistan Raises Revenue (PRR) has termed "vested interests lobbying for tax exemptions, internal tensions and wariness of change among the Federal Board of Revenue (FBR) staff, and potential disputes a
Published 13 Dec, 2019 12:00am
FY19: FBR's dismal performance - II
Opinion

FY19: FBR's dismal performance - II

Wholesale and retail trade sectors together paid Rs 48.2 billion: Large retail trade (Rs 7.9 billion), small retail trade (Rs 9.7 billion) and wholesale trade (Rs 25.1 billion).
Published 11 Dec, 2019 12:00am
FY19: FBR's dismal performance - I
Opinion

FY19: FBR's dismal performance - I

An unusual decline in revenue collection and a steep rise in current expenditures caused a deterioration in all major fiscal indicators during FY19. The overall budget deficit during the year stood at a historic high of 8.9 percent of GDP, which was also
Updated 06 Dec, 2019 07:21am
Challenges on judicial front
Opinion

Challenges on judicial front

The judiciary worked tirelessly to provide justice to the people with less resources. 3,100 judges worked hard and decided 3.6 million cases in a year. Judiciary decides all the cases on merit and does not differentiate between the rich and poor-Chief Jus
Updated 29 Nov, 2019 07:17am
Flawed tax reforms agenda - II
Opinion

Flawed tax reforms agenda - II

In fiscal year 2018-19, total payment, as per budget documents, on account of debt servicing, was Rs 1,987 billion against the budgeted figure of Rs 1,620 billion. Allocation for the current fiscal year is Rs 2,891 billion, 78 percent higher than last yea
Updated 21 Nov, 2019 07:03am