Improving tax compliance
The caretaker government has set up a tax reforms taskforce to come up with recommendations to close the ‘tax gap’ due to weak compliance, without requiring any additional tax policy…
Super tax and tax on bonus: misinterpretation of basic accounting–II
Now, if the rationale, intention and equitability have to prevail, the following will be the answer: the tax super tax levied by the Finance Act, 2022 will be applicable for…
There’s need for effective, harmonised ADR mechanism
The taxation of income and revenue is a complex subject with voluminous laws promulgated to attend to its regulation and implementation. It therefore comes as no surprise that tax matters…
Wealth tax in the guise of deemed income
Whenever historians will write the history of an abusive, incorrect, absurd and technically incorrect tax imposition anywhere in the world they will censure Pakistan for its ‘presumptive’ and ‘minimum’ tax…
Reforming tax system
Tax reform is a policy implementation by the government through which a few alterations are made to the tax system in order to overcome the loopholes and enhance the effectiveness…
The Merger and tax issues
The passage of Constitution (Thirty-first Amendment) Act, 2018 ["31st Constitutional Amendment"] by Senate and National Assembly, its adoption by the Assembly of Khyber Pakhtunkhwa [by vote of 92 to 7]…
Covid-19: economic & tax reliefs
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…
Advance tax, refunds & compensation — I
A cursory look at the annual year books published by the Federal Board of Revenue (FBR) after the promulgation of Income Tax Ordinance, 2001 [made effective from tax year 2003,…
Tax incentives for NRPs — II
FBR keeps drafts of proposed laws/amendments “secret”, never making them public and commits blunders when the same are promulgated as Ordinances by President of Pakistan and even passed by National…
Restructuring of tax system: a blueprint
“A comprehensive strategy had been formulated to shift the gear and move to higher economic growth. I do not believe in increase in taxes to increase revenue collection but those outside…
