Dar, FBR & Free Fall Economy

[hanibal]

Re: Dar, FBR & Free Fall Economy

@Silaaj

While criticizing the taxation and banking system and regulations of Pakistan, it is difficult to side-step the political element involved in it. The major reason why things like bank withdrawals and a broad range of taxes have been implemented are because these taxes hit the broader public, and affect almost everyone, even the poor and lower middle class, since everyone is buying petrol, cooking oil, electricity etc. And the reason why Ishaq Dar does this is because he cannot afford to tax the uber rich segment proportionally, because for one, he along with the Sharifs, belongs to that segment…and two, that uber rich segment is a part of their friends and family circle, who they cannot afford to alienate. They are their political lobbyists, donors, and business partners.

I dont think that is entirely true, FBR introduced these ridiculous tax schemes some 10-15 years ago when there was no Dar or Shareefs in the govt and reason was simple, FBR simply do not want to work as it hurts its personal business interest and keep that interest intact, they continue to comeup with complicated tax setup!!!

for example, a furnance in Gujaranwala may have a taax liability of Rs 50 million, the Tax inspector will enter the scence, he’ll charge 10-12 million for himself and his team, reduce the tax payable tp 10 million and there u go!!! and thanks to Dar’s idiotic vision and policies he gave FBR access to Real Estate sector since last year and a result the ehole local economy is on free fall…

ironically, apart from Shahbaz Sharif, who have serious concerns on all this and Himayoun Akhter, none including brat from PTI consider it wrong!!!