News stories for Huzaima Bukhari

Huzaima Bukhari

Opinion

Covid-19 pandemic, leadership & apathy

In a country of about 210 million people, about 10,000 individuals, prominent in business or profession or holding key positions in state institutions, think they know each and everything and can fix the multiple and complex problems faced by Pakistan, ei

Published 03 Apr, 2020 12:00am

Opinion

When challenges offer opportunities - II

The PTI government, compelled to borrow more at high interest rate, does not know that billions are lying unpaid with industrial undertakings/employers. Thus the issue is not that of funds but getting due taxes/levies from the wealthy and tax evaders and

Published 02 Apr, 2020 12:00am

Opinion

When challenges offer opportunities - I

"It is a narrow mind which cannot look at a subject from various points of view"- George Eliot, Middlemarch

Published 27 Mar, 2020 12:00am

Opinion

Need for all-out reforms - II

The main aim of judicial reforms should be elimination of unnecessary litigation and facilitating smooth running of affairs between the State and its citizens. Once both learn to act within the four corners of law, there would be drastic reduction in liti

Published 26 Mar, 2020 12:00am

Opinion

Need for all-out reforms - I

Every now and then, we keep on hearing from higher judicial echelons that the federal and provincial governments must run the affairs in accordance with the Constitution of Islamic Republic of Pakistan [the Constitution] and applicable laws/rules/regulati

Published 20 Mar, 2020 12:00am

Opinion

Need for new income tax law - II

Administrative reforms The administration of a tax system is highly complex. No doubt, a proper bureaucratic input is vital for making the system successful, but it is equally necessary to take all the stakeholders on board and laws are made and

Published 18 Mar, 2020 12:00am

Opinion

Need for new income tax law - I

When the government of General Pervez Musharraf decided to promulgate a new income tax law in 2000, we, amongst many others, opposed it strongly. Our main objection was that his regime had no mandate to enact any such law. The rule, "No taxation without r

Published 13 Mar, 2020 12:00am

Opinion

Tax base and filers

According to a Press release of Federal Board of Revenue (FBR), it received "two million four hundred forty six thousand two hundred and ninety four (2,446,294) Tax Returns for Tax Year 2019 which increased by 45% compared to one million six hundred eight

Published 06 Mar, 2020 12:00am

Opinion

Existing tax structure and fiscal restraints

Presently, all broad-based and buoyant sources of revenue are with the federal government and contribution of provinces in total tax revenues is merely 6 percent-in overall national revenue base (tax and non-tax revenue) it is around eight percent. This h

Published 28 Feb, 2020 12:00am

Opinion

Retrieving untaxed/ill-gotten assets - II

A breakthrough was made by media showing that investment in Dubai alone by Pakistanis during the past 10 years was in billions, yet instead of taking actions against the offenders, the government of PTI also extended asset whitening scheme, the details of

Published 26 Feb, 2020 12:00am

Opinion

Retrieving untaxed/ill-gotten assets - I

In the Supreme Court of Pakistan, Suo Motu Case No. 2 of 2018 re 'Maintaining of Foreign Accounts by Pakistani Citizens Without Disclosing the Same/Paying Taxes', is still pending for adjudication. It started on February 1, 2018 and after many hearings, f

Published 21 Feb, 2020 12:00am

Opinion

Dealing with 'debtocracy'

Total debt servicing increased by around 57 percent during FY 2018-19 compared with last fiscal year which was driven by higher domestic interest payments (on account of rise in domestic interest rates) while external debt repayments increased significant

Published 14 Feb, 2020 12:00am

Opinion

Tax frauds, corruption & NAB

In majority tax frauds, the usual parties are the official(s) and the taxpayer(s). Cases where unilateral tax fraud is committed are rare such as using fictitious bank account(s) to obtain fake refunds. But even in such cases, bank officials are involved

Published 07 Feb, 2020 12:00am

Opinion

Stay of recovery in tax matters - II

It needs to be mentioned that the principle contained in Additional Collector-II Sales Tax, Lahore Vs M/s Abdullah Sugar Mills Ltd (2003 SCMR 1026) relied by Division Bench was misplaced, due to wrong inference drawn and after changes in law that are disc

Published 02 Feb, 2020 12:00am

Opinion

Stay of recovery in tax matters - I

In tax disputes the principles relating to stay of recovery in appropriate cases with or without condition, whether provided statutorily or as a matter of inherent jurisdiction, are well-established. The highest court of the country, the Supreme Court of

Published 31 Jan, 2020 12:00am

Opinion

Subverting tax tribunals

"The raison d'être of establishing special tribunals has been to dispense better quality of justice where people, better trained in particular fields and disciplines could provide quality decisions and resolution of disputes... . Appointing members to the

Published 24 Jan, 2020 12:00am

Opinion

A rejoinder

In response to our article (Unconstitutional taxation by provinces, Business Recorder, January 3, 2020), a letter was published on January 9, 2020 titled 'Unconstitutional' taxation by provinces: SRB's response' that raised some questions and made a few o

Published 17 Jan, 2020 12:00am

Opinion

The corrupt, tax cheats, 'secrecy' & RTI - II

The passing of Foreign Assets (Declaration and Repatriation) Act, 2018, the Voluntary Declaration of Domestic Assets Act, 2018, promulgation of the Assets Declaration Ordinance, 2019 and later enacted as the Assets Declaration Ordinance, 2019 as part of F

Updated 13 Jan, 2020 07:10am

Opinion

The corrupt, tax cheats, 'secrecy' & RTI - I

2020 has started and apparently everyone has forgotten what the Supreme Court desired in Suo Muto Case No. 2 of 2018, started on February 1, 2018, and what happened thereafter. The last hearing in this case, which is still pending, was held on January 14,

Published 10 Jan, 2020 12:00am

Opinion

'Unconstitutional' taxation by provinces

The imposition of any kind of legislation that include levy of any tax or duty, cess etc having extraterritorial impact and involving entities operating on trans-provincial levels by any provincial assembly is patently against Article 141 of the Constitut

Published 03 Jan, 2020 12:00am

Gainers
Losers
Leaders

Stock	Price
Pak Gen. Ins. / Oct 20 The Pakistan General Insurance Co. Ltd.(PKGI)	5.29 ▲ 0.67 (14.50%)
Askari Life Assur. / Oct 20 Askari Life Assurance Company Limited(ALAC)	7.96 ▲ 0.96 (13.71%)
A. Shah Ghazi / Oct 20 Abdullah Shah Ghazi Sugar Mills Limited(AGSML)	10.48 ▲ 0.83 (8.60%)
Worldcall / Oct 20 Worldcall Telecom Limited(WTL)	2.47 ▲ 0.19 (8.33%)
Sindh Abadgar / Oct 20 Sindh Abadgar Sugar Mills Limited(SASML)	13.25 ▲ 1.00 (8.16%)
Pak Engg. / Oct 20 Pakistan Engineering Co Limited(PECO)	381.92 ▲ 26.64 (7.50%)
Artistic Den. / Oct 20 Artistic Denim Mills Limited(ADMM)	78.47 ▲ 5.47 (7.49%)
Pioneer Cement / Oct 20 Pioneer Cement Limited(PIOC)	86.40 ▲ 6.02 (7.49%)
AL- Abbas / Oct 20 Al-Abbas Sugar Mills Limited(AABS)	302.90 ▲ 20.89 (7.41%)
Maple Leaf / Oct 20 Maple Leaf Cement Factory Limited(MLCF)	35.05 ▲ 2.38 (7.28%)

Stock	Price
Al-Mali / Oct 20 Modaraba Al-Mali(MODAM)	11.50 ▲ -5.18 (-31.06%)
IBL HealthCare. / Oct 20 IBL HealthCare Limited(IBLHL)	85.45 ▲ -16.71 (-16.36%)
Rupali / Oct 20 Rupali Polyester Limited(RUPL)	34.66 ▲ -5.35 (-13.37%)
Tariq Glass / Oct 20 Tariq Glass Industries Limited(TGL)	92.00 ▲ -9.82 (-9.64%)
Bal. Wheel / Oct 20 Baluchistan Wheels Limited(BWHL)	68.54 ▲ -5.46 (-7.38%)
Dawood Lawrencepur / Oct 20 Dawood Lawrencepur Limited(DLL)	175.10 ▲ -13.40 (-7.11%)
Sitara Energy / Oct 20 Sitara Energy Limited(SEL)	15.85 ▲ -1.13 (-6.65%)
Aisha Steel / Oct 20 Aisha Steel Mills Limited(ASL)	18.74 ▲ -1.26 (-6.30%)
Data Agro / Oct 20 Data Agro Limited(DAAG)	23.50 ▲ -1.50 (-6.00%)
Kohinoor Power / Oct 20 Kohinoor Power Company Limited(KOHP)	4.21 ▲ -0.24 (-5.39%)

Stock	Volume
Worldcall / Oct 20 Worldcall Telecom Limited(WTL)	24,506,000 ▼ 0.00
Telecard Ltd. / Oct 20 Telecard Limited(TELE)	13,426,500 ▼ 0.00
Hum Network / Oct 20 Hum Network Limited(HUMNL)	9,804,500 ▼ 0.00
Byco Petroleum / Oct 20 Byco Petroleum Pakistan Limited(BYCO)	7,126,000 ▼ 0.00
Maple Leaf / Oct 20 Maple Leaf Cement Factory Limited(MLCF)	5,346,738 ▼ 0.00
Unity Foods / Oct 20 Unity Foods Limited(UNITY)	5,034,128 ▼ 0.00
Service Fab. / Oct 20 Service Fabrics Limited(SERF)	4,830,000 ▼ 0.00
Treet Corp. / Oct 20 Treet Corporation Limited(TREET)	3,743,500 ▼ 0.00
Dost Steel / Oct 20 Dost Steels Limited(DSL)	2,979,500 ▼ 0.00
TRG Pakistan / Oct 20 TRG Pakistan Limited(TRG)	2,465,982 ▼ 0.00

Markets →

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Oct 19	172.90
USD PKR Interbank Buying / Oct 19	172.80
USD to Japanese Yen / Oct 19	114.28
USD to Swiss Franc / Oct 19	0.92
Pound Sterling to USD / Oct 19	1.37
Euro to USD / Oct 19	1.16
UK LIBOR % / Oct 19	0.07

Stock	Volume
S&P 500 / Oct 19	4486.46
India Sensex / Oct 19	61765.59
Tokyo Nikkei / Oct 19	29025.46
Nasdaq / Oct 19	15021.81
Hang Seng / Oct 19	25409.75
FTSE 100 / Oct 19	7203.33
Dow Jones / Oct 19	35258.61
Germany DAX 30 / Oct 19	15474.47
France CAC40 / Oct 19	6673.10