Dr. Ikramul Haq The real dilemma of our tax system is that it is highly inequitable. The burden of taxes is less on the rich and more on the middle-class and the poor. In the face of this stark reality, successive governments since 1991 have been resorting to regressive taxation, favouring  the rich and mighty,...Read More

Huzaima Bukhari & Dr Ikramul Haq Fiscal consolidation should be as growth-friendly as possible. In general, tax base-broadening reforms are identified as growth-oriented reforms. To the extent that they reduce distortions in economic decisions on work, saving, investment and consumption, they should increase output and improve social welfare—Choosing a Broad Base–Low Rate Approach to Taxation,...Read More

Huzaima Bukhari & Dr. Ikramul Haq The debates and discourses concerning political economy of tax reforms in Pakistan lack objective analyses and rational approach as evident from the latest World Bank Pakistan Raises Revenue (PRR) Project wherein an appraisal paper, it has termed “vested interests lobbying for tax exemptions, internal tensions and wariness of change...Read More

Huzaima Bukhari & Dr. Ikramul Haq 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 has made them totally dependent on the federal government for...Read More

Huzaima Bukhari & Dr. Ikramul Haq The government of Pakistan Tehreek-i-Insaaf (PTI), as per reports, is “trying its best to fill the gaps in the economy through new ways of revenue collection”. The recent idea “after the research of the Federal Board of Revenue (FBR) is to tax all high-end individuals who are paying meager...Read More

Huzaima Bukhari & Dr Ikramul Haq “The central government’s debt increased at a double-digit pace to Rs. 32.1 trillion by the end of November [2019], an addition of a whopping Rs. 5.7 trillion in just one year, as the Pakistan Tehreek-e-Insaf (PTI) government failed to adequately enhance revenues to meet expenditures”—Shahbaz Rana, Public debt rises...Read More

Dr. Ikramul Haq There is a growing concern among admirers/supporters of Prime Minister Imran Khan that despite tall claims, core reforms promised for making Pakistan a prosperous State have not been undertaken/delayed/deferred/abandoned. It is tragic that our leaders have little regard for what they promise to do before being elected, and voters conveniently ignore once...Read More

Huzaima Bukhari “Everything that irritates us about others can lead us to an understanding of ourselves”—Carl Jung. A good friend raised a thought-provoking question which is: “Why is it that the Pakistani community, despite having the Holy Quran as its guide and the person of the Holy Prophet (PBUH) as an example, is by and...Read More

Huzaima Bukhari & Dr. Ikramul Haq 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, appointing of committees and seeking assistance from a...Read More

Dr. Ikramul Haq “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 significantly and recorded at Rs 974 billion during FY 2018-19 compared with Rs 450 billion...Read More