Govt, IMF, and need for policy revisit
In March, the government and International Monetary Fund (IMF) are due to hold first review of the Extended Fund Facility (EFF) programme, which was negotiated in September 2024. There are…
Time to end neoliberal monetary policy well overdue
‘This chapter has shown that the NMPC [New Monetary Policy Consensus] is limited in four important ways. Firstly, it is based on doubtful assumptions, unwarranted generalisations, overly optimistic expectations about…
AI-led taxation
It was famously said by Benjamin Franklin, “In this world, nothing is certain except death and taxes”. Perhaps Benjamin was unaware of the lagging efficient administration, shallow policy orchestrations, and…
Fixing taxation
AN essential component of any progressing economy is the taxation system. However, Pakistan’s tax regime is grappling with issues often faced by developing economies: low compliance, inefficiencies, and a narrow…
Towards a sound fiscal policy
There are four essential elements of a sound fiscal regime. The first is to grow the income base from which tax revenue is derived. This is achieved by a well-aligned…
Banking on missteps: latest tax policy will distort financial system
One of the more short-sighted fiscal measures recently introduced is the higher tax on banking income from government securities. This tax is directly linked to the advance-to-deposit ratio (ADR), imposing…
Who should make policy?
‘INCREMENTAL’ budgeting is generally practised by the government of Pakistan. That means that the Ministry of Finance’s recurrent budgets are not based on costing the latest development plans but, in…
Taxation in Pakistan: taxing the untaxed elites
Chris Matthews’s famous quote “Paying tax is not a punishment. It’s a responsibility”. Most developed countries with a simple and efficient tax system enjoyed higher GDP growth, investment and employment…
What’s the deal with our solar policy?
In the intricate dance between policy formulation and economic stability, the narrative of local investors and consumers emerges as a poignant tale of uncertainty and disillusionment. The saga surrounding net…
Federal budget and pro-cyclical policy
The federal budget, due to come into effect in the next few days, has continued with the pro-cyclical policy approach, whereby as growth continues to remain stuck in a low…
