ISLAMABAD: Minister for Finance Shaukat Tarin on Friday said that the government had taken several measures in order to provide tax relief to already tax payers, besides introducing steps to enhance tax to GDP ratio, which was at the lowest level as compared the regional countries. Presenting the federal budget 2021-22 in the National Assembly, […]
Tax
KPRA achieves registration target of taxpayers
The Khyber Pakhtunkhwa Revenue Authority (KPRA) Wednesday achieved the milestone by raising its registration of taxpayers to 15,000 in the incumbent financial year recording over 32 percent progress compared to last year. The KPRA was assigned the task to take the number of registered taxpayers, with the Authority, to 15,000 by the end of June […]
PANAH asks govt to introduce 20% tax on sugar sweetened beverages
RAWALPINDI: Pakistan National Heart Association (PANAH) on Sunday requested the government to impose 20 percent tax on sugar sweetened beverages as its high consumption was one of the major causes of obesity and non-communicable diseases. The PANAH made recommendations in a jointly organized workshop with the Ministry of Nutrition, Ministry of Health and Consultant of […]
IPI proposes review of ‘turnover tax’ on oil marketing companies
ISLAMABAD: Islamabad Policy Institute (IPI) proposed a review of the ‘turnover tax’ on the oil marketing companies in the upcoming budget for FY-2021-22, saying the tax is affecting viability of petroleum industry’s downstream sector. The think tank launched a report on the turnover tax, which contends that the tax was discriminatory, arbitrary and against the […]
No additional tax to be levied in upcoming budget: Shaukat Tarin
Finance Minister Shaukat Tarin announced on Monday the decision of not introducing any additional tax in the 2021-22 budget. The finance minister called upon an exclusive meeting with institutions concerned; the Pakistan-US Business Council, Overseas Investors Chambers of Commerce, and the Federation of Pakistan Chambers of Commerce and Industry to discuss the matter; reported 24NewsHD […]
Budget 2021: need for federalised tax apparatus
“A comprehensive strategy has been formulated to shift the gear and move to higher economic growth. I do not believe in an increase in taxes to increase revenue collection but those outside the tax net would be tapped. The chances for any harassment by FBR officials shall be eliminated for which change in audit procedures. 17 […]
Tax policy & development strategy
Somebody needs to tell the Prime Minister that the iniquitous prescription of the IMF calling for more taxes, austerity and high interest rates will not solve our problems—Reforms without research[Huzaima & Ikram, 2020] This is the last in the series of “tax proposals” sought by the Federal Board of Revenue (FBR) as discussed in FBR: […]
Australian government boosts Senate numbers ahead of tax cut bill
Australian Prime Minister Scott Morrison will need to secure just three votes in the country’s upper house to pass legislation after election results on Wednesday showed his government picked up four additional Senate seats. Morrison’s position will be tested when he seeks to pass his major re-election policy of A$158 billion in tax cuts when […]
G20 agrees to push ahead with digital tax
Group of 20 finance ministers agreed on Saturday to compile common rules to close loopholes used by global tech giants such as Facebook to reduce their corporate taxes, a copy of the bloc’s draft communique obtained by Reuters showed. Facebook, Google, Amazon, and other large technology firms face criticism for cutting their tax bills by […]
Pakistan and the geo-economics of oil
Within months of taking oath as US president, Donald Trump authorized the dropping of a ‘mother of all bombs’ on a cave complex in the Nangarhar province of Afghanistan believed to be in hands of Islamic State warriors. Last month, Indian Prime Minister Narendra Modi warned Pakistan of an Indian ‘moab’, a nuclear bomb. The […]