Articles and Letters

Articles  Letters

FBR reforms - I

Published on July 31, 2015On paper, Federal Board of Revenue (FBR) is an autonomous body created by an act of Parliament, the Federal Board of Revenue Act of 2007, but in practice it is considered handmaid of the rulers of the day and protector of the tax evaders and non-filers. Since 2007, FBR in view of Article 165A of the Constitution was to file tax returns, even if earning no taxable income, but it did not bother to abide by the law that it enforces on the others! FBR must apply for National Tax Number now and file missing returns!!Read full story

Rejoinder to the IMF

Published on July 31, 2015Harold Finger, the new IMF Mission Chief for Pakistan, has recently written an article in an English-language national daily on 'A Pro-Growth Strategy without Fiscal Stimulus'. This is an attempt at justifying the strategy of steep fiscal deficit reduction, which has largely determined the quantitative performance criteria and structural benchmarks in the on-going Extended Finance Facility (EFF) of Pakistan with IMF. By 2019-20, the IMF projects that Pakistan will need to bring down the fiscal deficit to a mere 2.5 percent of GDP.Read full story

MSMEs: an engine of growth and prosperity

Published on July 31, 2015Micro, small and medium enterprises (MSMEs) account for 99.7% of all enterprises in the world. MSMEs play a significant role towards boosting economic growth, poverty reduction and social inclusion across the globe. Formal MSMEs account for 16% of GDP in low-income countries and 51% of GDP of high-income countries whereas the informal enterprises account for 47% of the GDP of low-income and 13% of GDP of high-income countries.Read full story