Salaried class and FBR’s brutality Huzaima Bukhari & Dr. Ikramul Haq The proposed taxation under Finance Bill, 2021 of salary income including reimbursed medical expenses or medical allowance for the first time in Subcontinent since the introduction of income tax law in 1886, low and middle income groups, instead of getting any relief will suffer...Read More

Salaried class and tax brutality Huzaima Bukhari & Dr. Ikramul Haq The proposed taxation of salary income on gross basis, for the first time in Subcontinent since the introduction of income tax law in 1886, instead of giving any relief to low and middle income groups will increase their tax burden, especially when notional benefits...Read More

Huzaima Bukhari & Dr. Ikramul Haq The federal budget for fiscal year (FY) 2021-22, third of the coalition Government of Pakistan Tehreek-i-Insaf (PTI) [hereinafter “the PTI Government”] and first of its fourth Finance Minister, Shaukat Fayaz Ahmed Tarin, announced on June 11, 2019 along with Finance Act, 2021 was a routine and ritual exercise with...Read More

Dr. Ikramul Haq In document titled, Federal Budget 2021-22: Budget in Brief, released with federal budget for fiscal year (FY) 2021-22 on June 11, 2021, the collection target of Federal Board of Revenue (FBR) is fixed at Rs. 5829 billion for the next FY. The current FY target was fixed at Rs. 4963 billion, but...Read More

Dr Ikramul Haq Fixing of unachievable tax target for the FBR represents continuation of past legacies that relied on ill-directed, illogical, regressive and unfair taxes. Such skewered approach has a proven record of dampening industrial and business growth. Whereas — in the negative economic aftermath of Covid — Pakistan needs to do just the opposite...Read More

Cautious optimism or justified pessimism? Huzaima Bukhari & Dr. Ikramul Haq The Finance Bill 2021 with federal budget will be unveiled today. Will it bring relief for the unemployed, pensioners with no other source of income, low-paid salaried persons and those having meagre incomes? They are suffering immensely due to health/financial toll of Covid-19 endemic,...Read More

Huzaima Bukhari & Dr. Ikramul Haq “I think the landowners’ lobby is powerful in the assembly and they might not allow downward revision of non-taxable income. Instead of filing Agricultural Income Tax returns with the provincial governments, the same should be filed with the FBR that should solely assess/receive tax returns for agriculture and transfer...Read More

Huzaima Bukhari “Power does not corrupt men; fools, however, if they get into a position of power, corrupt power”–George Bernard Shaw What is exactly meant by corruption? Transparency International provides a very simple definition: “We define corruption as the abuse of entrusted power for private gain” but on its webpage, one can find a detailed...Read More

Huzaima Bukhari & Dr. Ikramul Haq “The Laffer Curve, by the way, was not invented by me; it has its origins way back in time. For example, the Muslim philosopher Ibn Khaldun wrote in his fourteenth-century work The Muqaddimah: It should be known that at the beginning of the dynasty, taxation yields a large revenue...Read More

Growth, broad base & low-rate taxes Huzaima Bukhari, Dr. Ikramul Haq & Syed Muhammad Ijaz “A comprehensive strategy had been formulated to shift the gear and move to higher economic growth. I do not believe in increase in taxes to increase revenue collection but those outside the tax net would be tapped. The chances for any...Read More