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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…

Legal fiction, Section 7E & Constitution

The Elahi Cotton case (it is the most misunderstood and misapplied judgement) makes absolutely clear that any item to be taxed should rationally be capable of being considered as the…

Putting the record straight: a rejoinder

In response to our article [FBR: dismal income tax collection, Business Recorder, November 11, 2022], the Federal Board of Revenue (FBR) on its website issued Clarification I on November 12,…

Candy-coated delusions

After being kicked out by the PDM (Pakistan Democratic Movement) government, former Finance Minister Miftah Ismail’s article in Business Recorder showcases that the PDM government remains completely indifferent to the…