Did Hafeez Sheikh get the best possible deal from the International Monetary Fund (IMF) given Pakistan's unsustainable twin deficits, budget deficit estimated at 7.2 percent of GDP (though independent sources place it nearer to 8 percent) and a declining current account deficit of 9.58 billion dollars for the first...
Tax revenue may change through automatic response of the tax yield to changes in national income and/or through the imposition of new taxes, revision of the bases and/or the rates of the existing taxes, tax amnesties, stricter tax compliance and other administrative measures backed by legal action. Changes in...
The number of companies of which one could be a director of is five in the present code. There is no restriction on the number of directorships in subsidiaries of listed companies. The draft Listed Companies (Code of Corporate Governance) Regulations - 2019 seeks to increase the number of...
People use choice words to describe the FBR but let's just call it dysfunctional. It is inefficient and customer unfriendly, spends more on itself than what it collects, and is far from being a paragon of virtue. It is a principal cause of our IMF addiction. Winding it up...
Steal a little and they'll put you in jail, steal a lot and they'll make you king. This famous English proverb is so true when it comes to Pakistan. Illicit trade in tobacco is considered the most lucrative money making business in Pakistan due to evasion of high tax...
The budget for fiscal year 2019-20, the first of Government of Pakistan Tehreek-i-Insaf (PTI), is expected on May 24, 2019. Every year before the announcement of annual federal budget-which has become an official ritual-plethora of tax proposals are received by the Federal Board of Revenue (FBR) from trade and...
Producer and consumer interests do not have to be antagonistic forces, one at the cost of the other. In fact, successful societies seek a convergence of the two. Efficient producers give the consumers a better deal and create jobs. In return, producers get a bigger market, fueled by consumer...
"Good corporate governance, it's about being proper and prosper" - Toba Beta. On 23 April 2019, the Securities and Exchange Commission of Pakistan has issued the draft Listed Companies (Code of Corporate Governance) Regulations, 2019. Once made effective from July 1, 2019, the new corporate governance regime would be...
With both revenue collection and exports continuing to remain largely unresponsive to efforts being made on these two fronts since the advent of the PTI-led coalition government in August last year the chances of the current fiscal year ending with any significant reduction in economic challenges confronting the country...
The Federal Board of Revenue (FBR) put in an exceptional performance in collecting tax revenues from 2012-13 to 2017-18. The average annual growth rate achieved was relatively high at 14 percent, leading to a near doubling of revenues over the five year period. Consequently, there was a jump in...

Opinion

crisis bank financing

Financing of external payments

The outstanding external debt of Pakistan crossed the century mark early this year. It stands as of the end of March 2019 at $105.8...