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Author Archives: Article Manager

Tax Net: Where is the Hole?

The tax net issue surfaces on the radar screen on a number of occasions. First, when the original target is set, when the current one is in doldrums and a revised target is evolved and when a fresh exercise commences for the ensuing year revenue targets, just to mention a few instances. So where is the hole?

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Cash Accounting and Budget Deficit

Budget is not just a book-keeping exercise for recording government receipts and expenditure. It is a significant instrument of economic management and has important basic functions of stabilisation, allocation, distribution and resolution of conflict.

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Implementation of Value-Added Tax (VAT)

Value-added Tax (VAT), or GST in VAT mode is usually implemented in robust/sustained economies but fortunately (or rather unfortunately ) these days Pakistan has become an economic laboratory of IMF which is in the process of experimenting with the effects of implementing VAT in a country passing through recessionary period.

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Overcoming Mistakes Made During the Recession

The recession has put managers to the test in ways they likely had not experienced in the past. Often, choices were made to reduce costs that weren't planned out as strategically as they would have been in other times, and companies already are beginning to regret some decisions that were made too quickly.

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Value-added Tax (VAT) as an instrument

Around 70 per cent of the world’s population now lives in countries with a value-added tax (VAT) which is essentially an alternative method of collecting what most people would readily understand as a sales tax. The acceptance of a value-added type of tax as a revenue instrument is largely based on the fact that it has raised more revenue than the sales/turnover tax it replaced.

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Issues in Enforcing Value-added Tax

The federal government intends to introduce value-added tax from July 1, at a proposed flat rate of 15 per cent. The VAT will replace general sales tax in most cases and bring into the tax net some hitherto untaxed classes of retailers and suppliers. Meanwhile, businessmen are voicing their concerns over the manner in which the VAT is being introduced.

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An Alternate Approach to Practiced Islamic Corporate Finance

Islamic finance has been criticized by some circles for using conventional benchmarks in pricing products, using more or less the same product structure and predominantly using debt based modes of financing. This research article takes an alternative approach and goes beyond practiced Islamic finance to suggest an alternative financial framework.

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Islamic Banking Needs Restructuring

Islamic economic system is rooted in the values and principles to solve the economic problems of mankind from a moral and socially responsible perspective. It integrates economics with ethics so that efficiency and equity become elements of a composite reality.

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Fine Tuning Workers’ Welfare Fund Levy

Businessmen and the legal fraternity dealing with taxation matters are pleased with the change in the attitude of the Federal Board of Revenue for creating more transparency and clarity for better tax compliance. Circular No.13 of 2008 dealing with Workers Welfare Fund can be quoted as an example.

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Why Islamic banking?

Islamic banking is based on Sharia that prohibits ‘riba’. According to religious scholars it means both usury and interest, and ‘gharar’, that signifies ambiguity, uncertainty, or lack of specificity in terms of a financial contract.

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