Huzaima Bukhari & Dr. Ikramul Haq The biggest challenge faced by the State of Pakistan as defined in Article 7 of the Constitution of Islamic Republic of Pakistan, not merely for governments in centre or provinces, is monstrous rising tide [in the words of Prime Minister Prime Minister “tsunami” ] of debt servicing and burgeoning...Read More

Huzaima Bukhari & Dr. Ikramul Haq The coalition Government of Pakistan Tehreek-i-Insaf (PTI) is facing grim challenges on the fiscal front as Summary of Consolidated Federal and Provincial Fiscal Operations, 2020-21,  released by the Ministry of Finance on February 3, 2021, for the first six months of the current fiscal year, shows that even part...Read More

Dr. Ikramul Haq The Government of Pakistan Tehreek-i-Insaf (PTI), contrary to its election promises, after coming into power, has failed to undertake all-out reforms to restructure the oppressive, outdated and anti-growth taxation, reduce wasteful expenses, promote businesses by reducing cost and concentrating on ease of doing businesses, get rid of loss-bearing state owned enterprises, overcome...Read More

Huzaima Bukhari & Dr. Ikramul Haq The present team of Federal Board of Revenue (FBR) deserves appreciation for showing noteworthy performance during challenging times faced by economy due to Covid-19 endemic, complete and partial lockdowns, sluggish economy, lack of adequate facilities and shortage of trained human resource. In the very first month of 2021, FBR...Read More

Huzaima Bukhari “If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much.”―Jim Rohn Undoubtedly, human beings are dependent upon nature, animals and of course other human beings to fulfill multitude needs related to their physical and emotional well-being. Where...Read More

Huzaima Bukhari & Dr. Ikramul Haq Every year before the preparation of annual federal budget, the Federal Board of Revenue (FBR) seeks proposals from officers, trade/professional bodies, tax bars, and other stakeholders—this has become a ceremonial activity. Each year, after this fruitless exercise, the Finance Bill makes existing tax codes more complicated due to pointless...Read More

Real Estate Sector in Focus   Huzaima Bukhari, Dr. Ikramul Haq & Abdul Rauf Shakoori February 2021 has significant importance for Pakistan due to a review of its progress complying with the remaining six action items under anti-money laundering and combatting financing of terrorism [AML-CFT] mandates agreed to by us in a Financial Action Task Force...Read More

Huzaima Bukhari, Dr. Ikramul Haq & Abdul Rauf Shakoori Under the Anti-Money Laundering Act, the Federal Board of Revenue is responsible for ensuring that designated non-financial businesses and professions (DNFBPs) including real estate agents, dealers in precious metals and stones, and FBR-supervised accountants comply with anti-money laundering and counter financing of terrorism obligations. Financial institutions,...Read More

Dr. Ikramul Haq ‘The impact of economic growth on the lives of people is partly a matter of income distribution, but it also depends greatly on the use that is made of the public revenue generated by economic expansion‘—An uncertain glory-‐India and its contradictions by Jean Dreze and Amartya Sen Achievement of the cherished goal...Read More

Huzaima Bukhari & Dr. Ikramul Haq The Federal Board of Revenue (FBR) on the last day of 2020, without any legal instrument, issued a clarification that the last date of ‘Prime Minister’s Construction Package’ was extended. The Presidential Ordinance [The Income Tax (Amendment) Ordinance, 2021] to this effect was promulgated on January 20, 2021, just...Read More