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Law and the super tax: Part – I

Former member of parliament of the United Kingdom William Cobbett is famously known to have stated: “Nothing is so well calculated to produce a death-like torpor in the country as…

Tax targets versus tax gap — II

The State should not collect advance taxes from those who are not chargeable to tax. Provisions like section 236 of the Income Tax Ordinance, 2001 along with many other similar…

Tax targets versus tax gap — II

The State should not collect advance taxes from those who are not chargeable to tax. Provisions like section 236 of the Income Tax Ordinance, 2001 along with many other similar…

Tax targets versus tax gap—I

“…the FBR’s revenue target has been increased to Rs 9,415 billion, requiring a 31% increase over collection of Rs 7,180 billion in the recently concluded financial year… The task seems…

Why do all roads lead to more taxes?

As a staff-level agreement between IMF (International Monetary Fund) and Pakistan following the ninth review of the IMF programme inches ever closer, the government recently announced the Supplementary Finance Bill,…

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…

Fixing the taxation system – Part I

Very few people outside the economics profession realize that fiscal (government revenue and expenditure) and current accounts (inflows and outflows of foreign exchange) are closely interlinked. A current account is…