While presenting the annual budget for the province, Sindh Finance Minister was critical of the Federal Government for failing to transfer the provinces stated share in revenues. This shortfall is a direct consequence of FBRs inability to collect taxes in line with its target for the year.
A few days ago DG Rangers created quite a stir in political circles. He said that more than Rs230 billion is being collected illegally in Karachi every year. Without providing details, the DG claimed that these sums take the shape of alms collected coercively, illegal water distribution, coercive collection of sacrificial animal hides, land grabbing, illegal marriage halls, weekly or monthly extortion monies, unlawful car parking businesses and what not.
So much frenzy about REITs? Well, this is acceptable! Investors have more than one reasons to be wild-eyed about the country's first ever REIT scheme. And Arif Habib Dolmen REIT Management Limited deserves a word of praise for introducing a new asset class for retail investors in Pakistan.
All politics is local. This American political phrase may describe the ongoing Indo-Pak war of words. Amid cross-border jingoism, the Congress party has been portrayed by the ruling BJP as a "Pakistani sympathizer".
Punjab government is a lot like its federal cousin: it missed various FY15 budget targets, which were unrealistic from the start. Now the FY16 targets are even aggressive despite a female finance minister taking charge. No doubt an economist is better suited for the position – Dr Aisha Pasha is not only an eminent economist herself but also the spouse of one of Pakistan’s best fiscal experts.
On paper, the FBR’s policy tilt is to bring the non-tax payers into the tax net by increasing the cost of non-compliance and widen the gap in advance and sales tax rates for filers and non-filers. The strategy was introduced last year when the government spelled out higher WHT on non-filers in various ways to penalize them and encourage the filing of tax returns.
The Shahbaz Sharif-run provincial government presented their eighth consecutive budget over the weekend. The developmental aspirations couldn’t be higher. At Rs400 billion, the Annual Development Plan (ADP) for financial year 2015-16 is the Punjab’s largest-ever. The outlay rivals actual federal government PSDP spending this year (Rs426 billion as of June 5).