Huzaima Bukhari, Dr. Ikramul Haq & Abdul Rauf Shakoori There are three main methods by which criminal organisations and terrorist financiers move money for the purpose of disguising its origins and integrating it into the formal economy. The first is through the use of the financial system; the second involves the physical movement of money...Read More

Huzaima Bukhari “Great leaders create more leaders, not followers. Great leaders have vision, share vision, and inspire others to create their own”—Roy T Bennett The Light In the Heart A review of the last fifteen years of democratic rule in Pakistan reveals quite an interesting scenario. Two major political parties have been taking turns since...Read More

Huzaima Bukhari, Dr. Ikramul Haq & Abdul Rauf Shakoori The mere claims of authorities dealing with Financial Action Task Force (FATF) and Asian Pacific Group (APG) for complying with 26 out of 27 action items agreed in June 2018 not only failed to yield the desired results but were handed over with a further six-point...Read More

Dr. Ikramul Haq   The outdated and oppressive tax structures at federal and provincial levels have created further fiscal mess and how come out of it is discussed in Towards Flat, Low-rate, Broad and Predictable Taxes’ (PRIME Institute, Islamabad, published in December 2020, available free at: https://primeinstitute.org/towards-flat-low-rate-broad-and-predictable-taxes/). A webinar on this book was held on...Read More

Huzaima Bukhari “Wisdom is the right use of knowledge. To know is not to be wise. Many men know a great deal, and are all the greater fools for it. There is no fool so great a fool as a knowing fool. But to know how to use knowledge is to have wisdom”—Charles Spurgeon While...Read More

Huzaima Bukhari & Dr. Ikramul Haq Through the Finance Act, 2021 [“the Act”], the Parliament has made an amendment with retrospective application to override the well-established principle that what is not “income” under the income tax law cannot be taxed, and where there is no sale of “goods” or providing and rendering of services between...Read More

Huzaima Bukhari & Dr. Ikramul Haq It is a cardinal principle that what is not “income” cannot be taxed under the income tax law (presently in operation is Income Tax Ordinance, 200I]. In Pakistan, a misconception prevails that National Assembly can declare anything “income” through the Finance Act, passed as Money Bill every year, in...Read More

July 4 marks the Independence Day of United States of America Dr. Ikramul Haq July 4, 1776 has special significance in American history. The great liberation movement against colonial rule was pioneered in this land and founding-fathers of this historic struggle showed the subjugated nations a novel path of hope. They started a new beginning...Read More

Dr Ikramul Haq It is shocking that only two political parties filed income tax returns for tax year 2020 out of 27 registered with FBR and 127 with Election Commission of Pakistan  despite section 114(1)(ac) of the Income Tax Ordinance, 2001 makes it mandatory. How can we expect rule of law in Pakistan, when 125...Read More

Huzaima Bukhari Dr. Ikramul Haq All annual budgets of federal and provincial governments—civil or military—for the last four decades, especially tax proposals through Finance Bills, strengthen elitist structures. The year 2021 is no different when millions are in dire need of money after three waves of covid-19. The coalition governments of Pakistan Tehreek-i-Insaf (PTI) in...Read More