Finance Minister Asad Umar brilliant speech in National Assembly today | 03 October 2018

[zeroboy]

 

[fiza200]

Speech is brilliant but work is not .

 

[Nefarious]

Speech is brilliant but work is not .

 

[Ali Tariq]

work is not .

May I ask, what 'work' are you expecting him to do in this short time? He's a minister, not a 'Chirag Ka Jin'. Have some patience and give them some time.

 

[Sugarcane]

On which date PTI's 100 days will be completed?

 

[war&peace]

On which date PTI's 100 days will be completed?

I expected PTI to have done home work on every aspect in advance but seems they have not done anything. They not changed even Ali Jahangir Siddiqui, the same bureaucracy...they have not even shuffled the corrupt bureaucrats.. these things neither need money nor any legislation so I ask why?

 

[Yaseen1]

actions speak louder than words.economic decisions have long lasting effects.Today he is making bad and wrong decisions and its affects will come in coming years

 

[313ghazi]

On which date PTI's 100 days will be completed?

Imran Khan sworn in on 18th August. 100 days on

Monday, 26 November 2018

 

[Sugarcane]

I expected PTI to have done home work on every aspect in advance but seems they have not done anything.

You are right, they didn't do any homework - still looks like they are searching for shoes while race against time already started.

 

[war&peace]

Imran Khan sworn in on 18th August. 100 days on

Monday, 26 November 2018

No, that's only 70 working days... if you subtract the weekends and holidays...

You are right, they didn't do any homework - still looks like they are searching for shoes while race against time already started.

Yar PTI had a great organisation in the background consisting of experts..I was also part of that though later I become too engaged with my business that I had to leave it. IDK what happened to all that great work.

 

[313ghazi]

No, that's only 70 working days... if you subtract the weekends and holidays...


Yar PTI had a great organisation in the background consisting of experts..I was also part of that though later I become too engaged with my business that I had to leave it. IDK what happened to all that great work.

Good point. In that case...

Tuesday, 15 January 2019

 

[koolio]

May I ask, what 'work' are you expecting him to do in this short time? He's a minister, not a 'Chirag Ka Jin'. Have some patience and give them some time.

According to some, he should have a magic wand like Harry Potter and change everything from last 40 years in an instant, but the same ones were very patient from last 10 years.

 

[313ghazi]

He talks quite a bit on tax returns, i think we need an economic census.

Each household should be asked how many people live there, what their costs are, (these should be compared with averages) and then asked what their income is. This should give us an idea of peoples household income (albiet not a very accurate one). Businesses should also be audited to try and get an idea of their incomes and profits.

Based on this information people should be asked to file tax returns, anyone who doesn't should be fined heavily. Anyone who files figures which seem odd compared to records should be investigated.

I know we won't be able to get every penny from everyone, but if we can start getting a few people, once the word spreads, people will start filing tax returns and paying some tax, even if it is to hide the rest of their wealth from the tax man. We need to start from somewhere.

 

[Sugarcane]

He talks quite a bit on tax returns, i think we need an economic census.

Each household should be asked how many people live there, what their costs are, (these should be compared with averages) and then asked what their income is. This should give us an idea of peoples household income (albiet not a very accurate one). Businesses should also be audited to try and get an idea of their incomes and profits.

Based on this information people should be asked to file tax returns, anyone who doesn't should be fined heavily. Anyone who files figures which seem odd compared to records should be investigated.

I know we won't be able to get every penny from everyone, but if we can start getting a few people, once the word spreads, people will start filing tax returns and paying some tax, even if it is to hide the rest of their wealth from the tax man. We need to start from somewhere.

Better solution to address the problem is
1. Govt. should incentivize digital payments (Online/By Credit/Debit cards) - Banks must be forced to give free of charge services (or at-least at cheapest possible rates) for card swipe machines and online payments, swipe card machines must be duty-free (or even subsidized), tax-free 4g connections for these machines.
2. Make cash transactions expensive by imposing higher WHT irrespective of person is tax-filer or not
3. Demonetize the notes higher than PKR 50

Once people are forced to give up cash transaction than it will not be difficult to find out tax evaders by analyzing financial transactions. You even don't need to go door to door for economic surveys where the accuracy of data will remain questionable as people will not disclose their actual income.

 

[313ghazi]

Better solution to address the problem is
1. Govt. should incentivize digital payments (Online/By Credit/Debit cards) - Banks must be forced to give free of charge services (or at-least at cheapest possible rates) for card swipe machines and online payments, swipe card machines must be duty-free (or even subsidized), tax-free 4g connections for these machines.
2. Make cash transactions expensive by imposing higher WHT irrespective of person is tax-filer or not
3. Demonetize the notes higher than PKR 50

Once people are forced to give up cash transaction than it will not be difficult to find out tax evaders by analyzing financial transactions. You even don't need to go door to door for economic surveys where the accuracy of data will remain questionable as people will not disclose their actual income.

Going cashless is something we should defintely be doing, but right now we are a high cash society. Most people don't have bank accounts or salaried jobs. Until that changes, it'd be hard to go cashless, especially in rural or poorer urban areas. Cashless is something the middle class can easily do.