Budget 2021-22 & erratic taxation
Huzaima Bukhari & Dr. Ikramul HaqThe 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…
Budget, tax targets and fiscal deficit
Dr. Ikramul HaqIn 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…
Not a people’s budget
Dr Ikramul HaqFixing 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…
Finance Bill 2021
Cautious optimism or justified pessimism?Huzaima Bukhari & Dr. Ikramul HaqThe 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…
Unconstitutional “agricultural income” taxation
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…
Power vis-à-vis character
Huzaima Bukhari“Power does not corrupt men; fools, however, if they get into a position of power, corrupt power”–George Bernard ShawWhat is exactly meant by corruption? Transparency International provides a very simple definition: “We define corruption as the abuse of entrusted…
Budget, jobs, taxes & growth
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…
Tax proposals for Budget 2021
Growth, broad base & low-rate taxesHuzaima 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…
Budgets of, by & for elites
Dr. Ikramul HaqLike every budget of Pakistan since decades, the latest one, expected on June 11, 2021, will be no different and having the same features: burdening the common people, appeasing the mighty, not withdrawing benefits available to the rich…