FBR — making tax digital and beyond (II)
The top global trend at the moment is continuous transaction control-CTC aiming to close VAT gaps, increase revenue and have more control over data. CTC regimes however, is not uniform…
Curtailing global tax avoidance practices
Global taxation is central to global decision-making because most foreign direct investment (FDI) and global operations these days are biased by tax considerations. The numbers are huge. For instance, with…
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]…
The tax gap
The World Bank has recently released a report which indicates that the potential tax capacity in Pakistan currently stands at as much as 22.3 percent of the GDP. The likely…
FBR’s resistance to tax reforms
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,…
From flying taxis to robocops, Dubai as a tech pioneer
From flying taxis to Batman-style surveillance motorcycles, Dubai's GITEX expo this week showcased innovations that were symbols of the city-state's ambitions to be a metropolis of the future. Known for…
Need for income tax law – III
Part 2 - Special Cases 66. (1) Where a person dies, his legal representative or the executor shall be liable to pay any sum, which the deceased would have been…
Need for new income tax law — II
The administration of a tax system is highly complex. No doubt, a proper bureaucratic input is vital for making the system successful, but it is equally necessary to take all…
Virus-hit Gulf has little room to boost revenue after oil price shock
The coronavirus outbreak and plunging crude prices are a double blow that leaves Gulf Arab governments with few options to manage fiscal stability while trying to shield their economies and…
Tax bailout for economic revival
According to various Press reports, all businesses in Pakistan, as elsewhere, badly hit by lockdown in the wake of Covid-19 epidemic, are demanding a comprehensive tax bailout claiming that loan…
