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A tale of two islands

The details of the two-island (Bundal and Buddo) controversy have been discussed in the national media so exhaustively over the last one week that one can, without having to build…

Export growth dependent upon sales tax refunds

Over the last twelve months it has been clearly demonstrated that our exports can grow provided we are given a “level playing field” to compete with our competitors. When the…

Current economic trends

The first six months of 2021-22 have come to an end. This is an appropriate time to identify the ongoing economic trends from the viewpoint of assessing the prospects for…

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,…

Advance tax, refunds & compensation — II

8. In section 171(2)(c) of the Ordinance, it is provided that “in any other case, on the date the refund order is made”. Obviously it applies where there is legal…

Advance tax, refunds & compensation — III

The PTI Government without waiting for the next budget, through Presidential Order or Finance Supplementary Bill 2021, must make amendment in law requiring FBR to: 1- Account for advance tax…