FBR’s dismal performance for 2018-19
Huzaima Bukhari & Dr. Ikramul HaqAn unusual decline in revenue collection and steep rise in current expenditures caused a deterioration in all major fiscal indicators during FY19. The overall budget deficit during the year stood at a historic high of…
Welcome to WW III!
Huzaima Bukhari“I know not with what weapons World War III will be fought but World War IV will be fought with sticks and stones”—Albert EinsteinOne must admit that compared to Colin Powell, Albert Einstein was more optimistic as he had…
COVID-19 pandemic & Rich-Poor Divide
Huzaima Bukhari & Dr. Ikramul HaqMuch before Covid-19 outbreak, the widening income and wealth disparities were highlighted by us in various columns with solutions to bridge the growing rich-poor divide, but no government paid any heed. During the rule of…
Budget 2020: Paradigm shift needed
Dr. Ikramul HaqBudget 2020 is in the making amidst very difficult times when we are faced with economic meltdown due to Covid-19 outbreak and extreme hardships by weaker segments of society. The traditional approach adopted for decades in Pakistan for…
FBR: audit closure, capacity & legality
Huzaima Bukhari & Dr. Ikramul HaqAccording to a Press report the Government of Pakistan Tehreek-i-Insaf (PTI) “has quietly closed over 310,000 tax audit cases that had been automatically selected from 2015 to 2017 due to the failure of taxpayers to…
Covid-19 crisis: agenda for survival & revival
Tax proposals for budget 2020-21Huzaima Bukhari & Dr. Ikramul HaqThis year’s budget for fiscal year 2020-21 is expected in the first week of June, will be in extraordinary circumstances, where like other nations we have to strive hard to ensure…
Covid-19 pandamic relief measure
Revisiting advance/withholding taxesHuzaima Bukhari & Dr. Ikramul HaqAfter the Second World War, the provision of advance income tax was provided in the then prevalent Income Tax Act, 1922 for the first time by inserting section 18A vide section 5 of…
Self-deception-illusive fantasy
Huzaima Bukhari“The greatest deception men suffer from is their own opinion”—Leonardo Da VinciIn a highly deceptive world where everyone is out to deceive each other for own vested interest, the biggest disservice one can do to oneself is fall victim…
Covid-19 epidemic
Economic-tax relief package Huzaima Bukhari & Dr. Ikramul HaqPakistan is facing the brunt of Coronavirus outbreak as the country is in a partial lock down. This has had a negative impact on businesses. Initial estimates show that the economy will…