Economic prudence for economic depression
Huzaima Bukhari“Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body—the producers and consumers themselves”—Herbert HooverOver a span of thirty years a well-to-do family…
Agenda for survival
Dr. Ikramul HaqThe main cause of our pathetic economic situation is existence of outdated, inefficient, corrupt and repressive institutions that are totally indifferent towards the welfare of the common people and making the state an economically viable entity. The successive…
Breaking deadly debt trap
Dr Ikramul HaqThe most dreadful aspect of the five-year term (2013-18) of Pakistan Muslims League (Nawaz)—[PMLN] was leaving behind a monstrous public debt touching the level of 71% of the GDP—unprecedented in our economic history. The Opposition parties failed to…
Avant-garde budget proposals—III
Tapping the real potentialHuzaima Bukhari & Dr. Ikramul HaqA country’s tax gap is measured by the amount of tax that remains uncollected due to non-compliance with tax laws.‘Pakistan Tax Gaps: Estimates by Tax Calculation and Methodology’(http://aysps.gsu.edu/isp/files/ispwp0811(1).pdf), a joint study of…
Whitening schemes: failure of tax system
Dr. Ikramul HaqThe Government of Pakistan Tehreek-i-Insaf (PTI) has finally notified its first asset/income/expenditure whitening scheme—Assets Declaration Ordinance, 2019. Promulgated as Presidential Ordinance on May 14, 2019, the scheme gives generous incentives to those who have not been paying their…
Challenges for new FBR Chairman
Huzaima Bukhari & Dr. Ikramul HaqAppointment of Syed Muhammad Shabbar Zaidi, a renowned tax expert and seasoned chartered accountant, replacing Jehanzeb Khan, grade 22 officer of Pakistan Administrative Service, belonging to 15th Common Training Programme (CTP), on May 9, 2019,…
Avant-garde budget proposals—II
Fixing the narrow and punctured tax baseHuzaima Bukhari & Dr. Ikramul HaqTax revenue may change through automatic response of the tax yield to changes in national income and/or through the imposition of new taxes, revision of the bases and/or the…
Avant-garde budget proposals—I
Growth, taxes & equityHuzaima Bukhari & Dr. Ikramul HaqThe budget for fiscal year 2019-20, the first of Government of Pakistan Tehreek-i-Insaf (PTI), is expected on May 24, 2019. Every year before the announcement of annual federal budget—which has become an…
Devising a rational tax policy
Dr. Ikramul HaqThere is a national consensus that existing tax policy needs to be reformulated to provide an equitable, pragmatic, investment-oriented and business-friendly tax system, integrating good tax administration with simplified tax laws that are easily understood and hassle-free from…