Dr. Ikramul Haq Budget 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 balancing the books, levying more taxes, containing fiscal deficit and other number games will...Read More

Huzaima Bukhari & Dr. Ikramul Haq According 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 timely file tax returns and pay due taxes”. This is a blatant violation of...Read More

Tax proposals for budget 2020-21 Huzaima Bukhari & Dr. Ikramul Haq This 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 survival and revival of businesses adversely affected by Covid-19 pandemic that employ millions...Read More

Revisiting advance/withholding taxes Huzaima Bukhari & Dr. Ikramul Haq After 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 the Indian Income Tax (Amendment) Act, 1944. We inherited this law on independence...Read More

Huzaima Bukhari “The greatest deception men suffer from is their own opinion”—Leonardo Da Vinci In 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 to self-deception in a negative way. Observing the world around with an objective...Read More

Economic-tax relief package      Huzaima Bukhari & Dr. Ikramul Haq Pakistan 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 witness sluggish growth in services, manufacturing and agriculture sectors, increase in unemployment, decrease...Read More

Dr. Ikramul Haq According to a Press report, the 9th National Finance Commission (NFC) “died its natural death …after the Centre and four provinces could not reach consensus on a new award for distribution of fiscal resources during the five-year constitutional term”. It was the fifth NFC since 1973 that unsuccessfully ended without consensus on...Read More

Huzaima Bukhari “I have gained from philosophy: that I do without being commanded what others do only from fear of the laws”—Aristotle While driving in Lahore Pakistan, you stop at a red traffic light because that is the law but you notice that the motorcyclist next to you turns his head right and left probably...Read More

Dr Ikramul Haq In the most difficult times arising out of Covid-19 outbreak and lockdown, all over the world the governments are going for relief packages and tax incentives to mitigate the financial toll faced by all, especially the poor and the weaker segments of society. On the contrary, our politicians, technocrats and bureaucrats sitting...Read More

Huzaima Bukhari “Unbeliever is he who follows predestination even if he be Muslim. Faithful is he, if he himself is the Divine Destiny”—Allama Muhammad Iqbal Sialkot in the province of Punjab in Pakistan is an industrial city that is famous for manufacturing and exporting sports and surgical goods. According to ‘The Economist’ the city stands...Read More