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 […]
Tax
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 […]
Budget 2019/20 should be based on ‘low-tax-rate’, long term growth
ACCA (the “Association of Chartered Certified Accountants”) believes that it is time to make radical changes in the approach towards budget and the economic model of Pakistan. We are compelled to think beyond twelve months and take medium to long term perspective focusing on inclusive economic growth and development model for Pakistan rather than just […]
Global institutions blamed for economic genocide
The Pakistan Economy Watch (PEW) on Sunday said IMF is pushing Pakistan into stone age through its negatives economic policies. Instead of encouraging growth in vulnerable economies, IMF destroyed state institutions, disintegrate protective economic barriers and impoverish large numbers of the population, it said. The destructive policies of the lender will transform Pakistan into a […]
Carbon tax best way to cut greenhouse gas emissions: IMF
At $70 per ton of carbon dioxide, a carbon tax would be the most efficient means of cutting greenhouse gas emissions, according to an International Monetary Fund report published Friday. But for the moment, carbon taxes remain unpopular, particularly in France, where plans to increase it to 55 euros (or $61.60) from 44.60 euros recently […]
Filers, non-filers
Sir: Over 18 percent of senior citizens have invested their savings in national savings schemes, where the return they file is under the tax-exemption. Therefore, they do not pay tax and are non-filers. The salaried class has its tax deducted at source and is proxy filer through their employers. The prime minister and finance minister […]
Bank Alfalah profit before tax up by 21 percent in first quarter
The Board of Directors of Bank Alfalah in their meeting held in Abu Dhabi on 25 April 2019, approved the Bank’s unaudited interim financial statements for the period ended March 31, 2019. Profit before taxation stands atRs. 6.134 billion for the quarter endedMarch 31, up from Rs. 5.075 billion rupees a year ago, indicating an […]
Why Kings Hand Stepped Down?
Is taking bold decisions at crucial times is the hallmark of great leadership? Is the reshuffling of the Federal Cabinet quintessential to bid higher yields or it’s the exogenous factors that lead the King to take such decision? How King’s hand (the Ex-Finance Minister Asad Omar) got entrapped into the reshuffle? Will the reshuffle bring […]
After Asad Umer
A change was on the cards. Given the country’s economic woes, something had to give. Prime Minister Imran Khan has finally revealed his hand. The first casualty is Asad Umer. Mr Umer has tweeted: “As part of a cabinet reshuffle, Prime Minister desired that I take the energy portfolio instead of finance. However, I have […]
Stalemate persists in cabinet over tax amnesty scheme
The federal cabinet on Wednesday once again deferred the approval of much-awaited tax amnesty scheme because some of its provisions required “further fine-tuning”, Information Minister Fawad Chaudhry said. Prime Minister Imran Khan had convened a special meeting of the cabinet after some of the ministers opposed the amnesty plan, expressed their reservations and sought further […]