Budget 2021-22 and erratic taxation on June 12, 2021The federal budget for fiscal year (FY) 2021-22, third of the coalition Government of Pakistan Tehreek-i-Insaf (PTI) [hereinafter “the PTI Government”] and first of its fourth Finance Minister, Shaukat Fayaz Ahmed Tarin, announced on June 11, 2019 along with Finance Act, 2021 was a routine and ritual exercise with no innovation at all to make […]
Budget, jobs, taxes and growth on June 7, 2021 “The Laffer Curve, by the way, was not invented by me; it has its origins way back in time. For example, the Muslim philosopher Ibn Khaldun wrote in his fourteenth-century work The Muqaddimah: It should be known that at the beginning of the dynasty, taxation yields a large revenue from small assessments. At the […]
Dealing with rich-poor divide on May 24, 2021CPI basket includes luxurious items while SPI based on basic necessity items. About 60% of the population falls in the “transitory poor” category it means a substantial population has no access to luxurious items; their needs revolve around basic necessities. The rules for indexation to the CPI have several potential disadvantages. They prevent real wage […]
Finance bill and the Constitution on May 31, 2017No taxation without representation is a cardinal principle of democracy — Article 77 of our Constitution also reiterates that no tax shall be levied for the purposes of the Federation except by or under the authority of the Act of Parliament. The Supreme Court of Pakistan in Messers Mustafa Impex, Karachi v Government of Pakistan […]