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Op-Ed

Op-Ed section will have latest editorial and analysis…

Protecting small financial consumers

When you enter a bank branch, the spick and span staff will welcome you with a broad smile provided that you are a well-fixed depositor. But if you are a commoner with a few hundred thousands of bucks in your accounts, you should be ready to face bureaucratic contempt and ungracious behaviour from the bank employees. Yes, it is not ... Read More »

Youths: From assets to liability

Pakistan is blessed with intelligent brains and myriad of hardworking workforce, but how much is its utility in this land of pure is a million dollar question. When the skilled workforce is put to work, it is an asset and when it is not, it is a liability. In the same manner, more population means more businesses and more jobs, ... Read More »

Arresting rupee value

According to the director of the monetary policy of the State Bank of Pakistan, the recent political confrontation is responsible for devaluation of the Pakistani rupee, which has not only increased inflation, but also jeopardized the smooth supply of daily use items across the country. Talking to journalists on Friday, he says that though the political uncertainty is blamed for ... Read More »

Cotton year in India and Pakistan

India has declared 2014 as the cotton year and has set an ambitious target of producing nearly 40 million bales or 6.74 million tonne of cotton, making it the biggest cotton producing country in the world. India will grow cotton on 28 million acres of land replacing China which is the biggest cotton producing country in the world by now. ... Read More »

Need to work out win-win solution

 The political chaos created by the sit-ins by Pakistan Tehreek-e-Insaf chief Imran Khan and Pakistan Awami Tehreek leader Dr Tahirul Qadri has begun to dent the national economy. The Pakistani rupees is continuing shedding its value against dollar while trade and business activities are also slowing down in the twin cities and elsewhere in the country. It is reported that ... Read More »

Effects of protest rallies on business  

LAHORE (AFTAB AFZAL RANJHA): Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan and Pakistan Awami Tehreek (PAT) chief Dr Tahirul Qadri are flexing their muscles to inflict heavy damages on the government by entering the Red Zone area in Islamabad. The Red Zone is a highly sensitive area where important government buildings and diplomatic enclave are situated. Any misadventure in the area ... Read More »

Implications of political chaos

LAHORE (AFTAB AFZAL RANJHA): If a strong industrial-base ensures welfare of the people, a strong political system guarantees a conducive environment for the industrial growth. However, in Pakistan, if we go one step ahead towards economic well-being, we take two steps back towards political disaster and this vicious circle has been going on in the country since independence. The current ... Read More »

Bringing retailers into tax net

Federal Board of Revenue has devised rules for implementing the taxation steps taken by the government through Finance Bill 2014-15. In a bid to bring 1.5 million retailers into tax net, FBR has notified rules of special procedures of Sales Tax after enactment of Finance Bill 2014-15. This is a step forward towards documentation of economy and completing the chain ... Read More »

Well done FBR

The FBR has collected Rs 324 billion more in fiscal year 2013-14 by collecting Rs 2270 billion against a collection of Rs 1946 billion in 2012-13 so the growth in revenue collection stood at 16 percent. In the last financial year of 2013-14 that ended on June 30, 2014 so far the FBR’s collection in accordance with provisional estimates was ... Read More »

Privatization and Transparency

ISLAMABAD: After pause of seven years, Pakistan has entered into domestic as well as international capital market to offload its remaining shares in United Bank Limited (UBL) that fetched $387 million for the national kitty. The PPP led regime had made efforts in its five year rule to launch Global Depository Receipts as well as move ahead with other privatization ... Read More »

FBR’s Taxation Measures

Federal Board of Revenue is making efforts to broaden its tax base and in the outgoing financial year ending on June 30, the Board has sent notices to 100,000 non filers. Under the IMF program of $6.67 billion, the government has made commitments to send tax notices to 300,000 non filers over three year period in order to expand its ... Read More »

Budget 2014-15: highly ambitious tax target

The government has fixed highly ambitious tax collection target of Rs 2,810 billion for FBR in the budget 2014-15 against a revised estimates of Rs 2,275 billion in the outgoing fiscal year ending on June 30, 2014. FBR will require a growth of over 25 per cent in coming fiscal year in order to achieve the desired target. The government ... Read More »

An uphill target

In the wake of fixation of highly challenging tax collection target of Rs 2810 billion in fiscal year 2014-15, the FBR has been assigned to collect Rs 1180 billion in shape of Direct Taxes and Rs 1630 billion as Indirect Taxes in order to touch the desired collection figure. Out of indirect taxes of Rs 1630 billion, the FBR has ... Read More »

Development of WeBOC clearance system

BY RAFIULLAH BANGASH (ASSISTANT COLLECTOR): As part of its reform and modernization efforts, the erstwhile Central Board of Revenue (CBR) under the banner of Customs Administrative Reforms (CARE)  which replaced decades old, notoriously inefficient, manual system into a progressive computerized clearance system capable of catering to the present day demands of huge volume of cross border and international trade. With web based ... Read More »

Rs603b target: FBR to run against time

The Federal Board of Revenue (FBR) has been facing a gigantic task of collecting Rs603 billion in last two months of May and June 2014 for display the revised tax target of Rs 2345 billion on its board. A collection of over Rs300 billion will not be an easy task at a time growth of imports choked, inflation coming down ... Read More »

Govt needs to focus on key structural issues

ISLAMABAD: The World Bank and Asian Development Bank have resumed loan programmes after four years hiatus. Both these multilateral financial institutions had suspended concessionary loan programmes in 2010 when the IMF had cancelled its previous Standby Arrangement (SBA) programme during the tenure of PPP. The World Bank’s Executive Board has approved Country Partnership Strategy (CPS) for Pakistan under which the ... Read More »

Auctioning next generation technology

ISLAMABAD: Pakistan has entered into latest next generation mobile services known as 3G and 4G by selling five lots of spectrum out of total six. One license of 4G was obtained by China Mobile (ZONG) while another remained unsold. In this auction process, Pakistan Telecommunication Authority (PTA) as a regulator had sold four licenses of 3G technology and one 4G ... Read More »

Withdrawing tax concessions

Under the IMF’s bailout package of $6.64 billion for Pakistan’s struggling economy, the time has come when the government will have to deliver on key and politically tough conditions on taxation side. The government is in the process of finalizing list of exemptions which will be abolished in phases starting from next budget 2014-15 by incorporating it as part of ... Read More »

FBR may take stern action against big guns

ISLAMABAD: Federal Board of Revenue has reportedly decided to act sternly against the tax defaulters amongst the big guns of the country as the task to achieve the target of tax collections during the current fiscal year seems out of reach otherwise. Sources within FBR told Customs Today that Finance Minister Ishaq Dar has attained permission from the Prime Minister ... Read More »

Tax exemption culture continues despite contrary commitments

LAHORE: Promotion of tax exemptions culture continues to date despite the commitments of the present government on the contrary policy. The result of the study carried out by the government to review implications of the statutory regulatory orders (SROs) issued by the previous governments has revealed that yearly tax exemptions amounted to Rs 478 billion. More and more meetings are ... Read More »