6.9 C
Islamabad
Sunday, January 19, 2020
FBR Year Book 2018-19 concedes that withholding taxes constitute 67% of the total collection of income tax (it was 65% last year). Out of total collection of Rs. 1445.5 billion , Rs. 39.2 billion received with returns and Rs. 344.2 billion as advance tax. FBR’s own efforts...
The consensus opinion is that current account will rear its head again, sooner rather than later, if exports remain sluggish. We also hear Ministry of Commerce knows it and is expending a lot of energyto find a way for exports to climb the greasy pole. Reportedly, a team has been...
Although there has been a lot of improvement in the merchandise account of the country during the first five months of FY20, this positive development has been highly lop-sided in the sense that it has been basically due to the compression of imports while expansion in exports is only...
DO we really have a tax base? This is a million-dollar question, with responses akin to that of the parable of blind men interpreting an elephant. Some are of the view that only a fractional percentage of income earners are tax declarants; some regard that the majority of the...
The Prime Minister is the only change that seems to have happened to Pakistan since the advent of the PTI government which came in riding Imran Khan’s catchy slogan of ‘Tabdili’. Everything else, from governance to economy, politics, foreign affairs, social order and the rest has remained as it...
Prime Minister Imran Khan repeated his narrative yet again while addressing an 87-member delegation from Balochistan participating in a national security workshop: the country has achieved economic stability after a staff level agreement was reached with the International Monetary Fund (IMF) on 12 May 2019 with prior conditions met...
Pakistan’s federal constitution lays out a framework of regulation between the federal government and the constituting provinces, which since the 1973 constitution remains at the core base of controversy and discontent among the provinces. fiscal Successive federal governments led by civil and military rulers have done everything possible to undermine...
It seems no legal loophole goes unexploited. There is a report in an English daily about the misuse of the facility of duty-free import of luxury vehicles by some foreign diplomats, international non-government organisations, and armed forces personnel of a few countries. Under the rules, foreign dignitaries – both...
THE incoming year will be a decisive one for the economy. The stabilisation that saw a tortured start in 2019 is set to continue, but optimists in the market are anticipating an end to the chokehold of high interest rates and the aggressive taxation drive sometime in the early...
An unusual decline in revenue collection and steep rise in current expenditures caused a deterioration in all major fiscal indicators during FY19. The overall budget deficit during the year stood at a historic high of 8.9 percent of GDP, which was also in excess of the 4.9 percent target...

Opinion

month revenue payment targets

Missed Targets

The tax collection numbers from the last six months are in, and they make for a dismal reading. The government has missed all of...