Transfer of foreign exchange — avoid ‘hawala’
Pakistan has always been short of foreign exchange and it will remain so in the unforeseeable future. However, on account of poor governance and flawed tax regime, substantial taxed and…
Is there any option?: Declaration of undeclared and under-declared offshore assets
The Finance Act 2018 has become a law. Now the Foreign Assets (Declaration & Repatriation) Ordinance, 2018 and Local Assets (Declaration) Act, 2018 has become a part of the Finance…
Private foreign currency account and Section 111(4) of the Income Tax Ordinance, 2001: The revolving circle
This is a continuation of the articles written earlier in this paper on the matter of perpetual amnesty available in the form of 'No Question Asked Concept' for foreign exchange…
Foreign assets and foreign assets declaration law
Strengthening the rule of law The Federal Board of Revenue (FBR) in exercise of its powers under the Assets Declaration Act has released the rules for the process and procedures…
Who benefits from tax reforms package?
It has arrived: the latest 'economic reforms package'. It has taken its time in transit -since the Panama Papers to be precise - but should we scream with joy, or…
Export-led growth and effective tax management: Leveraging Digital Product Passport
As the EU tightens its regulations, many countries view compliance as a mere obligation, but the implications of this can have benefits far beyond maintaining trade relations. By aligning with…
How Pakistan’s VPN ban undermines rights
Over the past year, Pakistan has teetered on the edge of digital oppression, and the proposed ban on ‘unregistered’ VPNs could be the tipping point toward becoming a fully mass-surveilled…
FATF evaluations
India’s progress in combating illicit finance was brought into focus on September 18, 2024, with the release of the Mutual Evaluation Report by the Financial Action Task Force (FATF). This…
Time to apply for FATF membership
The Financial Action Task Force (FATF) concluded its 5th Plenary presided over by Singaporean President T. Raja Kumar. Delegates from over 200 jurisdictions and international organizations convened in Paris for…
Uniting theory and action for climate
Karl Marx popularized the quote “From each according to his ability, to each according to his needs”. Given the quote, let us not forget that Earth has its needs too,…
