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Taxation of immovable property

The National Assembly through the Finance Act 2012 amended section 37(5) of the Income Tax Ordinance, 2001 [“the Ordinance”] and for the first time levied capital gains tax (CGT) on…

Energy sector reforms — I

My previous op-ed, summed up Pakistan’s gas supply position vis-à-vis the current demand, prevailing geo-political context, international spot-market under which Pakistan functioned over the last 4 years and the much…

Legal fiction, Section 7E & Constitution

The Elahi Cotton case (it is the most misunderstood and misapplied judgement) makes absolutely clear that any item to be taxed should rationally be capable of being considered as the…

How about a ‘Startup Amnesty’?—II

Startup amnesty policy needs to be simple and easy: invest in Startups and get away with questions on money trail, sources of income and so on. As simple as that.…

Incentive-package for construction industry

The Prime Minister of Pakistan, Imran Khan, in a Press conference on April 3, 2020, announced what is termed by official quarters as a “comprehensive relief/stimulus package” for the construction…

Bewilderment over rational tax policy

There is a national consensus that the existing tax system needs to be completely restructured to provide an equitable, pragmatic, investment-oriented and growth-inductive policy and nationally integrated automated tax administration…

Taxing capital gains

The federal government, through the Finance Act 2012, amended section 37(5) of the Income Tax Ordinance, 2001 and for the first time levied income tax on gain of immovable property…

De-dollarisation can pick up speed

A new humanitarian crisis could be imminent in Afghanistan, as the World Food Programme of the United Nations has already warned of an acute food shortage facing the country. However,…

Punishing non-filers!

Collection of tax where it is NOT due is as detestable as its non-collection where it is due - Justice Nasim Sikander re CIT Companies, Lahore v State Cement of…