dear IK, hang the chors, but do not stop the circulation of liquid cash in economy

[blueazure]

a very dangerous precedent is happening in Pakistan in the guise of accountability and stopping corruption . Semi independent institutions like FBR , SECP , central bank are being given increasing powers to do the following ;-

1. FBR is now monitoring transactions as small as half million

2. FBR can now freeze anyone's account ( to the desired tax limit) and even make recoveries

3. SECP can raid offices

4. Central bank , the core regulator of the economy, has let the USD free float, essentially leaving it to the whims of market manipulators and whales . ( what is the job of Central bank in the first place ? )

the hi dollar IS crushing the industry, its killing the buying power and eroding the confidence to do business.

car prices are now un-affordable

food inflation , although under check , will follow likewise

add rising input taxes

real estate is in doldrums . housing sales have stagnated and the associates sectors of construction are in pressure. PEOPLE ARE GOING OUT OF WORK


commercial banks, having to comply with pointless over-required KYC/AML procedures are seeing reduced deposits and losing profits . i wont be surprised if a few small banks start packing up and close in the next couple of months

---------------

i spit on Nawaz and zardari for looting this nation for 35yrs and making us come to this point, i curse them every day,

yet

IK should know this, not all nation is chor !

shabbar zaidi ( the accountant tax evader from Ferguson ) should grow the **** up and stop this nonsense of registering khokhas and rehris !


hang nawaz, hang zardari , recover the billions and let the small trader and business live and do business


----------------

i challenge any PTI accountant here . try and tax any business whale who has taken money out of the system , try and stop any one from taking money out of Pakistan ,,

 

[ziaulislam]

a very dangerous precedent is happening in Pakistan in the guise of accountability and stopping corruption . Semi independent institutions like FBR , SECP , central bank are being given increasing powers to do the following ;-

1. FBR is now monitoring transactions as small as half million

2. FBR can now freeze anyone's account ( to the desired tax limit) and even make recoveries

3. SECP can raid offices

4. Central bank , the core regulator of the economy, has let the USD free float, essentially leaving it to the whims of market manipulators and whales . ( what is the job of Central bank in the first place ? )

the hi dollar IS crushing the industry, its killing the buying power and eroding the confidence to do business.

car prices are now un-affordable

food inflation , although under check , will follow likewise

add rising input taxes

real estate is in doldrums . housing sales have stagnated and the associates sectors of construction are in pressure. PEOPLE ARE GOING OUT OF WORK


commercial banks, having to comply with pointless over-required KYC/AML procedures are seeing reduced deposits and losing profits . i wont be surprised if a few small banks start packing up and close in the next couple of months

---------------

i spit on Nawaz and zardari for looting this nation for 35yrs and making us come to this point, i curse them every day,

yet

IK should know this, not all nation is chor !


hang nawaz, hang zardari , recover the billions and let the small trader and business live and do business


----------------

i challenge any PTI accountant here . try and tax any business whale who has taken money out of the system , try and stop any one from taking money out of Pakistan ,,

If you think black economy xan run and country will survive than sorry sir..every living EXPERT in this world will disagree with you..also every developed country and developing country did that before they could develop

People will have to pay their taxes to reliwf the poor..we cant just tax the poor with 17% sales tax and than let the rich siphons that money in name of ease of business ..this is not ease of buisness this is corruption

Now the samw business and rich class is crying once govt started to monitor those transactions

_------
Dollar is crushing because of NOT DOING THIS i.e not mobilizating local resources (tax to gdp just 10%) leaving the foreign debr trap caysing imbalances

-------
Businesses dont want to give tax to govt but want to collect it from local people..this PURE BULLSHIT AND BULL CRAP۔۔they can close their business if they want ..and leave go to Dubai ...let people in peace ..better we have new breed of honest businessman
For the first time someone is serious and everyone is now trying to derail him

---
I double imran khan will be let to fix things ..ultimately govt will collapse and will be part of united India ..or Somalia

 

[ziaulislam]

PS
zardari alone hasn't looted the country the elite upper class, businessman 10-20% has lived on the bones of lower 50% ..while the middle class was given part of the bone to keep them happy

Now when its times for taxes and refroms they arent ready

 

[1Paki$tani]

a very dangerous precedent is happening in Pakistan in the guise of accountability and stopping corruption . Semi independent institutions like FBR , SECP , central bank are being given increasing powers to do the following ;-

1. FBR is now monitoring transactions as small as half million

You know that Pakistan is on Grey list? do you have any idea what it means?

All countries have regulation where any deposit, particularly cash deposit, above certain threshold has to be reported to the relevant authorities. This apply to all businesses and banks. In Australia the limit is $10,000 which presently is 1 million rupees.

Even I, as a lawyer, have an obligation to report this to the authority. Recently we had case of one of the bank having issues with their computers and automated reporting wasnt processed and they were taken to court for criminal charges.

The bank settled for $700 million dollar penalty.

https://www.austrac.gov.au/austrac-and-cba-agree-700m-penalty

Trying taking more than $10k into USA without declaring and let us see what happens.

Most recently we had Anti Money Laundering and Counter Terrorism Financing laws were passed. They are the most strict laws which not only cover banks and financial institutions but also lawyers, accountants and other business dealing with financial stuff.

So what is the problem, we are part of global financial system and we do not live in caves.

2. FBR can now freeze anyone's account ( to the desired tax limit) and even make recoveries

unless you start to provide more detailed information I am not sure what you expect people to comment here. Can you provide information about exact reason under which the accounts can be forzen. Yes if you failing to pay your taxes than you have no complain.

3. SECP can raid offices

So what? they are not going to raid anybody out of shear boredom. All government agency in the work in particular relating to white collar crime have power to raid.

If you got nothing to hide, just chill out otherwise run for the hill.

4. Central bank , the core regulator of the economy, has let the USD free float, essentially leaving it to the whims of market manipulators and whales . ( what is the job of Central bank in the first place ? )

Many countries have floating exchange rate which is impacted by the Market and there is nothing wrong with that. Once the laws about money laundering are implemented and than we will see the massive leakage of money stop and the issue with exchange rate will be fixed.

But the problem is if the government goes heavy handed and ceases cash from those hording it than people like you will be crying and start another absurd topic on that.

the hi dollar IS crushing the industry, its killing the buying power and eroding the confidence to do business.

car prices are now un-affordable

Yes cars might get expensive, but than again they were expensive for the tin can they sell in Pakistan. For the same price people in west get far better cars. So its a mafia than needs a crushing but we will have many cry oh we are now going to close down industry. We have to use stick to them.

As for dollar crushing industry? really? with dollar our goods and services have become cheaper thus more affordable to import and that would mean we will get more business. Can you post stats about the negative impact it is having other than on those who want to buy luxury items or wants to take money overseas.

food inflation , although under check , will follow likewise

BS. we are a country that grows its own food, yes fuel cost might have gone up, but any food inflation will have many factors, such weather, disease control, overall supply and demand.

Can you post stats as to how has higher dollar caused food inflation?

add rising input taxes

I agree on that. we need to lower those but hammer non payers with income and other taxes.

real estate is in doldrums . housing sales have stagnated and the associates sectors of construction are in pressure. PEOPLE ARE GOING OUT OF WORK

hahahahah so you are saying people are having difficulties in whitening their black money? or now have to justify how they can affoard massive mansion without having the income to show for it?

It will all balance out when people get use to the idea that they will have to pay proper taxes and they can use other money as they please. they are scarred because they dont want to pay taxes.

i had personal dealing with many developers in december and they knew their whitening machine is about to be closed.

I dont care. Pay your share of taxes and than use your money as you please otherwise stop complaining.

commercial banks, having to comply with pointless over-required KYC/AML procedures are seeing reduced deposits and losing profits . i wont be surprised if a few small banks start packing up and close in the next couple of months

do you know what AML stands for. let me write it for your Anti Money Laundering so you are saying they should not crack down on it?

So you want Pakistan to go on the black list. even Australia had to introduce AML/CTF laws through AML/CTF Act. The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act)

however the major aspect of this was implemented 2 years ago.
---------------

----------------

i challenge any PTI accountant here . try and tax any business whale who has taken money out of the system , try and stop any one from taking money out of Pakistan ,,

not body here is anybodies spokesperson. But you seem to find all the problems with things that are required to put Pakistan on the right path. You talk about 35 years of plundering but you oppose implementation of systems that are required as per our international obligation.

So unless you can put a proper constructive argument you are just wasting your own and everyone else time.

 

[R Wing]

a very dangerous precedent is happening in Pakistan in the guise of accountability and stopping corruption . Semi independent institutions like FBR , SECP , central bank are being given increasing powers to do the following ;-

1. FBR is now monitoring transactions as small as half million

2. FBR can now freeze anyone's account ( to the desired tax limit) and even make recoveries

3. SECP can raid offices

4. Central bank , the core regulator of the economy, has let the USD free float, essentially leaving it to the whims of market manipulators and whales . ( what is the job of Central bank in the first place ? )

the hi dollar IS crushing the industry, its killing the buying power and eroding the confidence to do business.

car prices are now un-affordable

food inflation , although under check , will follow likewise

add rising input taxes

real estate is in doldrums . housing sales have stagnated and the associates sectors of construction are in pressure. PEOPLE ARE GOING OUT OF WORK


commercial banks, having to comply with pointless over-required KYC/AML procedures are seeing reduced deposits and losing profits . i wont be surprised if a few small banks start packing up and close in the next couple of months

---------------

i spit on Nawaz and zardari for looting this nation for 35yrs and making us come to this point, i curse them every day,

yet

IK should know this, not all nation is chor !

shabbar zaidi ( the accountant tax evader from Ferguson ) should grow the **** up and stop this nonsense of registering khokhas and rehris !


hang nawaz, hang zardari , recover the billions and let the small trader and business live and do business


----------------

i challenge any PTI accountant here . try and tax any business whale who has taken money out of the system , try and stop any one from taking money out of Pakistan ,,

Also hang Mush. He could have ended this mess with meaningful reform. Instead, he partnered with the same kind of filth (MQM, Q League, etc.) and gave the rest an NRO. Man --- what a c***.

When ALL of these pre IK people will be hanged, we might have some chance of progress.

 

[ziaulislam]

Also hang Mush. He could have ended this mess with meaningful reform. Instead, he partnered with the same kind of filth (MQM, Q League, etc.) and gave the rest an NRO. Man --- what a c***.

When ALL of these pre IK people will be hanged, we might have some chance of progress.

Because he thought people will vote for him..guess what they didnt..same way IK will be voted out in 2023 bringing down everything he done for naught

 

[Yaseen1]

black economy is needed to avoid sanctions and it played important role in financing our nuke program.This type of economy also exist in u.s but this is controlled by establishment of these countries,the problem comes when common public become part of such undocumented economy .So imf wants to completely document our economy so in future when u.s impose sanctions our military projects may be badly affected and it will be easy for u.s to cripple documented economy than undocumented black economy

 

[xyxmt]

I disagree with OP, (almost) Everyone in Pakistan is chore when it comes to taxes, people don't think tax chori is unislamic or a crime.

 

[I.R.A]

1. FBR is now monitoring transactions as small as half million

This if for incoming remittances, previously the limit was enhanced to 10 million but it has been reduced again to 5million for better monitoring .......... no harm in doing that.

2. FBR can now freeze anyone's account ( to the desired tax limit) and even make recoveries

FBR could always do that, but not in a day's time or hours' notice. This whole thing is after the tax payer has been provided an opportunity to be heard. Filing of an appeal getting stay orders etc etc. Nothing new.

3. SECP can raid offices

Why would a rehri wala or khokay wala b afraid of SECP? They have nothing to do with SECP unless they are a public limited company or a private limited company registered with SECP.

And mind you it was the professionals of SECP working for JIT in panama case.

 

[1Paki$tani]

This if for incoming remittances, previously the limit was enhanced to 1 million but it has been reduced again to 500k for better monitoring .......... no harm in doing that.

Are you sure it is 500k for remittance? I thought it was 5 million rupees. I had this issue month or so ago where there was delay in clearance and it took few days to resolve.

 

[I.R.A]

Are you sure it is 500k for remittance? I thought it was 5 million rupees. I had this issue month or so ago where there was delay in clearance and it took few days to resolve.

Sorry my bad its 5 million not 500k. Thanks for the correction.

 

[Ahmet Pasha]

La ilaha ilallah chor do. Turkey ban jao. Milk and honey ki nehren bahen gi.

 

[H!TchHiker]

If businessmen has problem they can leave the country or close the business as no body is forcing them to continue..

 

[ziaulislam]

If businessmen has problem they can leave the country or close the business as no body is forcing them to continue..

Exactly leave Pakistan if you are taking tax from the poor and not gicing it the govt

All the dealers are on strike as they dont want to come into tax net

All textule mills are on strike as they don't want a tax on manufacturing stage as dealers dont want that...

This cant work..this has to stop ..

 

[BATMAN]

Ghabrana nahi.