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Taxes for economic progress but not skinning

By Huzaima Bukhari Taxation is a lot like sheep shearing. As long as you shear a sheep, it will continue to produce a new crop of wool but you can skin the animal only once. Anonymous Will it not be wonderful to live in a...

•October 27, 2023•Huzaima•No comments

2/12/2014Withdrawal of tax exemptions/concessions: Rs 520 billion impact to help bridge fiscal deficit | Business RecorderWithdrawal of tax exemptions/concessions:Rs 520 billion impact to help bridge fiscaldeficitFebruary 12, 2014ZAHEER ABBASI & SOHAIL SARFRAZ0 CommentsThe government provides over Rs 520 billion annual tax exemptions and concessionsthrough Statutory Regulatory Orders (SROs) to wealthy, influential, and affluent people.The withdrawal of these concessions can help reduce the fiscal deficit. The InternationalMonetary Fund (IMF) Mission Chief Jeffrey Franks in an exclusive interview to BusinessRecorder revealed that tax authorities have determined the monetary value of theseexemptions and concessions at 2 percent of the GDP.At present, a committee constituted by Prime Minister is reviewing income tax, sales tax and customs duty concessions andexemptions granted through SROs. The FBR will begin amending existing SROs subsequent to suggestions of all thestakeholders. Sources said the withdrawal of exemptions and concessions allowed through SROs may be politicallychallenging for the government. The business community is PML-N”s major constituency which accounts for the withdrawal ofnumerous budgetary proposals that affected the business community in recent months. At the launch ceremony of moneywhitening scheme on November 29, Finance Minister Ishaq Dar disclosed that 25 proposals out of 26 presented by thebusiness community have been implemented by the government.On the following day, speaking at a seminar, Member Inland Revenue of Federal Board of Revenue (FBR) stated that the taxauthorities have been facing pressure from business community not to begin implementation of the budgetary tax measures. Ifthe budget approved by the Parliament is not acceptable to some then Parliament and not the FBR, has the right to reversethose decisions.Withdrawal of exemptions and concession could increase the tax collection by Rs 520 billion, help broaden the much neededtax base and ultimately reduce the fiscal deficit. Sources said the monetary impact of 0.4 percent of GDP through withdrawal ofexemptions and concessions from next fiscal year, as stated by the IMF Mission Chief, are estimated to generate over Rs 105billion.According to officials in Finance Ministry, the government is going to withdraw all exemptions and concessions granted tovarious sectors through SROs except those pertaining to essential commodities, goods and pharmaceuticals. The phase-wiseimplementation which was previously planned from April 1, 2014, may now begin from next fiscal year. He further stated that, inprinciple, the decision to this effect has been taken and now the business community is being taken on board.The official further stated that meetings have been going on during the last four months in the Finance Ministry with Dar in thechair with the senior officials of the FBR to run through the entire list of SROs issued by successive governments providingexemptions to various sectors. Items have been categorised for withdrawal of exemptions under a phase-wise plan with thefirst proposed phase for implementation commencing in the fourth quarter of the current fiscal year.Copyright Business Recorder, 2014http://www.brecorder.com/taxation/181/1152613/?tmpl=component&print=1&layout=default&page=1/32/12/2014Withdrawal of tax exemptions/concessions: Rs 520 billion impact to help bridge fiscal deficit | Business RecorderTw eet 10http://www.brecorder.com/taxation/181/1152613/?tmpl=component&print=1&layout=default&page=2/32/12/2014Withdrawal of tax exemptions/concessions: Rs 520 billion impact to help bridge fiscal deficit | Business Recorderhttp://www.brecorder.com/taxation/181/1152613/?tmpl=component&print=1&layout=default&page=3/32012 PTD 554 = 2013 108 TAX 155

[Federal Tax Ombudsman]Before Dr. Muhammad Shoaib Suddle, Federal Tax Ombudsman WAHEED SHAHZAD BUTTVersusSECRETARY, REVENUE DIVISION, ISLAMABAD Complaint No.286/LHR/IT/(240)/577 of 2011, decided on 16th December, 2011. (a) Income Tax Ordinance (XLIX of 2001)— —-S.153(1)(b)—F.B.R. letter C.No.1(6)WHT/2009 dated 4-7-2009—F.B.R. CircularNo.3 of 2009 dated 17-7-2009—F.B.R. Circular No.6 of...

•October 27, 2023•Huzaima•No comments

Remembering Benazir Bhutto

December 27, 2016 marks the ninth death anniversary of Benazir Bhutto, the great visionary leader, who resisted with great courage the agenda of obscurantist forces that have been trying to push Pakistan to a theocratic State, incapable of progressing towards an egalitarian and democratic polity....

•October 27, 2023•Huzaima•No comments

9/11: War of What?

Huzaima Bukhari & Dr. Ikramul Haq On September 9, 2001, twelve years ago, a gruesome and heinous crime against humanity was committed in New York—wanton attack on twin towers of World Trade Centre symbolizing financial might of USA. Without explaining such a massive security lapse,...

•October 27, 2023•Huzaima•No comments

9/11: reality of ‘war on terror’

Huzaima Bukhari & Dr. Ikramul Haq “The United States has confirmed it is asking Pakistan for help in facilitating the Afghan government’s direct peace talks with the Taliban insurgency”— Secretary of State Mike Pompeo Had there been no 9/11, it is doubtful that American soldiers...

•October 27, 2023•Huzaima•No comments

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Taxes for economic progress but not skinning

Remembering Benazir Bhutto

9/11: War of What?

9/11: reality of ‘war on terror’

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