Huzaima Bukhari “We all hit moments when we feel helpless. The test is how we react to that feeling. We can either learn from it and move forward or let it drag us down”―Travis Bradberry Ms. B is an educated lady, comes from a high class, rich and sophisticated family that played a pivotal role...Read More

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 ritual. Each year, after this futile exercise, the Finance Bill become more hopeless document—containing meaningless amendments in tax codes, imposing more obligations on...Read More

Dr. Ikramul Haq In the last week’s column, it was promised that till February 15, 2021, deadline set by the Federal Board of Revenue (FBR), for seeking proposals from all stakeholders, some concrete measures will be suggested rather than “meaningless amendments in tax codes, imposing more obligations on citizens as withholding tax agents, with no...Read More

Huzaima Bukhari & Dr. Ikramul Haq “If we realise that the FBR cannot be fixed, we will create a new FBR. This is because Pakistan’s survival is linked to it. It’s not about our liking or disliking: if our tax collection authority does not function properly, it could lead to a security risk. No nation...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

Challenges & Solutions Huzaima Bukhari, Dr. Ikramul Haq & Abdul Rauf Shakoori “Since June 2018, when Pakistan made a high-level political commitment to work with the Financial Action Task Force (FATF) and Asia Pacific Group On Money Laundering (APG) to strengthen its Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime and to address its...Read More

Professionals & humanists par excellence Dr. Ikramul Haq “….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 these tribunals on political basis or who are otherwise incompetent or have...Read More

Huzaima Bukhari In Donoghue v Stevenson (1932) 562 (HL), a famous British case decided in the House of Lords, Lord Atkin established that ‘duty of care’ should be displayed by all those who were engaged in an activity that directly affected other human beings. He expressively observed:     “…a manufacturer of products, which he sells...Read More

Huzaima Bukhari & Dr. Ikramul Haq A cursory look at the annual year books published by the Federal Board of Revenue (FBR) after the promulgation of Income Tax Ordinance, 2001 [made effective from tax year 2003, hereinafter “the Ordinance”] confirms heavy reliance on indirect taxes, on advance tax (it includes all withholding tax provisions, most...Read More

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 ritual. Each year, after this futile exercise, the Finance Bill become more hopeless document—containing meaningless amendments in tax codes, imposing more obligations on...Read More