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Budget-2023-24: Yet another ritualistic exercise

Majority of the Pakistanis are going to be dejected after hearing the second budget of the outgoing alliance government of Pakistan Democratic Movement (PDM), to be presented by the four-time…

Paradigm shift in tax policy

‘The impact of economic growth on the lives of people is partly a matter of income distribution, but it also depends greatly on the use that is made of the…

Budget, taxes, revival & growth

Fiscal consolidation should be as growth-friendly as possible. In general, tax base-broadening reforms are identified as growth-oriented reforms. To the extent that they reduce distortions to economic decisions on work,…

Disastrous year under the PDM

Pakistan’s economy is under stress with low foreign reserves and high inflation. Activity has fallen with policy tightening, flood impacts, import controls, high borrowing and fuel costs, low confidence, and…

Disclosure principles of ‘beneficial ownership’

It is common practice across the globe that anonymous shell companies are formed to hold funds or conduct financial transactions to disguise money trail of wealth accumulated through illegal activities.…

A great social and political upheaval is coming?

There are two extremely discomforting economic phenomena unfolding simultaneously in Pakistan – one is dangerously high food inflation, and the other is rising unemployment. The term economists use for such…

FBR, IMF & revenue targets

The federal budget for fiscal year (FY) 2022-23 assigned an ambitious target of Rs. 7.470trillion to the Federal Board of Revenue (FBR), which includes both direct and indirect taxes. The…

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…

Road to self-sustainability

During the last few decades, global economies have been facing tough challenges. The recent spell started in March 2020 when Covid-19 jolted domestic and international business activities, besides taking heavy…

How to conserve energy

Oil imports have decreased by 26 per cent in the first five months of the current fiscal year (July-Nov). Crude oil imports have fallen by 16 per cent, diesel imports…