Fiscal Budget 2019-20

[VCheng]

Source? Kindly ALWAYS provide sources!

https://tribune.com.pk/story/1990508/2-budget-2019-20-proposes-18-8-hike-pm-office-funds/

 

[Dubious]

https://tribune.com.pk/story/1990508/2-budget-2019-20-proposes-18-8-hike-pm-office-funds/

Hang on let me merge all these budget threads!

 

[VCheng]

Hang on let me merge all these budget threads!

Please include this one too:

https://defence.pk/pdf/threads/budget-2019.619640/

 

[Dubious]

Merging with other budget related threads!

 

[Sugarcane]

A very simple GST system can fix that!

1.
Each manufacturer/wholesaler has to submit all sales and GST charged per GST registered buyer/retailer

2.
Each GST registered buyer/retailer has to submit all purchases and GST paid per GST registered seller.

3.
Each GST registered buyer/retailer submit total sales and GST.

4.
Failure to submit GST on time results monthly or quarterly results in a system generated heft fine and a deadline for submission.

5.
New local/district Tax courts should be formed. Those who don't pay the fine and make submission, FBR submits action in court.

6.
Court issues order for fine payment. Debt recovery agency is involved who can take assistance from police to collect payment or shut down the business for not paying the fine.

How long do you think people will not submit GST returns if bailiffs are shutting their shops with court orders?

And those who submit fake GST returns can be easily investigated as long as manufacturers/suppliers are investigated annually.

GST theft should be a lifetime sentence!

@zulu

Sir, is there a GST submission system from FBR?

You didn't get, problem isn't registered entities not submitting GST or reporting on time as they are doing it fortnightly which is already very strict. Problem is non-registered entities and off book sales of registered entities. So, your suggestions for registered companies are already in place that's country is still running.

 

[Verve]

Have u anything in mind ?

Yes actually.

Software can be developed for GST registered to submit GST input and output along with the transactions. Transaction listing to include invoice numbers, seller/buyer name, seller/buyer GST number, product code, product quantity, invoice net amount, GST amount, invoice gross amount.

If they break down the GST seller in tiers, Tier 1 will provide details for each transaction whereas lower tiers provide less. For example a restaurant doesn't have to provide details for each transaction and can just be accumulated amount per day. Whereas electronics wholesalers provide all details per invoice.

Basically this is GST invoice in itself that FBR will capture for each GST transaction!!

Makes catching GST thiefs a lot easier as well.

Not sure how to approach the decision makers in FBR with this ... Not a difficult system but network capacity and storage will be required for it to work.

You didn't get, problem isn't registered entities not submitting GST or reporting on time as they are doing it fortnightly which is already very strict. Problem is non-registered entities and off book sales of registered entities. So, your suggestions for registered companies are already in place that's country is still running.

Let's take an example of an expensive product.

Kenwood/LG etc air-conditioner. It comes from Kenwood/LG factory, right? If locally assembled, get Kenwood/LG to submit invoice level details of the sale including serial numbers and product numbers.

Force large manufacturers that they are not allowed to deal in any cash transactions, only bank to bank payments. This way you can easily match sales submitted to revenue in the bank. Do random checks as all tax authorities do.

Once you have the product serial number, product number, and quantities sold to distributors, it will be very difficult for distributors to sell without GST to the retailer because you force the distributor to give you the same details on their sales.

Give me an example of another expensive product.

To catch GST evaders, you have to clamp down hard on the first leg of the supply chain and keep a strict eye on them.

 

[zulu]

@Verve Nice idea and putting such software sometime need the effort of only one man like Ashir Azeem did in late 90's for Pakistan custom. Problem is undocumented economy if everything comes under radar,check China corruption detecting algorithm ""Zero trust""they used it to detect both private and govt sector financial corruption with so much success

 

[Verve]

@Verve Nice idea and putting such software sometime need the effort of only one man like Ashir Azeem did in late 90's for Pakistan custom. Problem is undocumented economy if everything comes under radar,check China corruption detecting algorithm ""Zero trust""they used it to detect both private and govt sector financial corruption with so much success

If only one could work in FBR on such a project ...

 

[Zulfiqar]

@Dubious @Samlee @I.R.A @shahbaz baig @The Accountant @ps3linux

I am not an ICAP member (Actually I am a CFA charterholder) but one of the ICAP members forwarded the following.

I am forwarding it in case anyone wants to cough up some dough and want to attend below event to listen to Shabbar zaidi or Dr. Abdul Hafeez Sheikh.

If anyone does, please do give us a summary in the thread.


"On June 15, 2019, for the first time in the history of the ICAP Post Budget Conference is being organized with nation-wide live transmission provided by our media partner AAJ News.

The event is planned to be held simultaneously in Lahore Islamabad and Karachi. A large number of professionals associated with ICAP members and other professional bodies are expected to attend and benefit from this unique opportunity of being connected with other locations on a real-time basis. At each location presentation by experts on allocated subject will be delivered followed by panel discussion and Q&A session. Session at one each location will be watched live by the audience at various locations and the said pattern will be replicated turn by turn for each participating locations of Lahore, Islamabad and Karachi.

The Honorable Advisor to PM on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Sheikh, has kindly consented to act as the Chief Guest at the occasion. Mr. Shabbar Zaidi, Chairman Federal Board of Revenue (FBR) will act as the Guest of Honour, along with the Secretary Finance and other senior officials of the Government will also attend this national level Event. Details about the other speakers and panellists are mentioned in the attached flyer.

The event brochure can be downloaded by clicking on the following link https://www.icap.org.pk/cpd/schedule-of-events/

The conference investment is mentioned below for your ready reference:

Rs. 4,500/- for ICAP Members/ ICAP Affiliates
Rs. 5,000/- for IFAC Body Members
Rs. 5,500/- for Non-Members
Rs. 2,500/- for ICAP Students
Life Members may attend for free

An early bird discount of 10% will be offered in case of pre-registration and payment made on or before June 14, 2019.


For registration at Lahore please contact Mr. Asif Hamesh NRC office Tel: 042-111 000 422 Ext: 128 or email at asif.hamesh@icap.org.pk
For registration at Islamabad please contact Mr. Asad Ali NRC office Tel: 051-111 000 422 Ext: 29 or email at asad.ali@icap.org.pk "

 

[Samlee]

@Dubious @Samlee @I.R.A @shahbaz baig @The Accountant @ps3linux

I am not an ICAP member (Actually I am a CFA charterholder) but one of the ICAP members forwarded the following.

I am forwarding it in case anyone wants to cough up some dough and want to attend below event to listen to Shabbar zaidi or Dr. Abdul Hafeez Sheikh.

If anyone does, please do give us a summary in the thread.


"On June 15, 2019, for the first time in the history of the ICAP Post Budget Conference is being organized with nation-wide live transmission provided by our media partner AAJ News.

The event is planned to be held simultaneously in Lahore Islamabad and Karachi. A large number of professionals associated with ICAP members and other professional bodies are expected to attend and benefit from this unique opportunity of being connected with other locations on a real-time basis. At each location presentation by experts on allocated subject will be delivered followed by panel discussion and Q&A session. Session at one each location will be watched live by the audience at various locations and the said pattern will be replicated turn by turn for each participating locations of Lahore, Islamabad and Karachi.

The Honorable Advisor to PM on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Sheikh, has kindly consented to act as the Chief Guest at the occasion. Mr. Shabbar Zaidi, Chairman Federal Board of Revenue (FBR) will act as the Guest of Honour, along with the Secretary Finance and other senior officials of the Government will also attend this national level Event. Details about the other speakers and panellists are mentioned in the attached flyer.

The event brochure can be downloaded by clicking on the following link https://www.icap.org.pk/cpd/schedule-of-events/

The conference investment is mentioned below for your ready reference:

Rs. 4,500/- for ICAP Members/ ICAP Affiliates
Rs. 5,000/- for IFAC Body Members
Rs. 5,500/- for Non-Members
Rs. 2,500/- for ICAP Students
Life Members may attend for free

An early bird discount of 10% will be offered in case of pre-registration and payment made on or before June 14, 2019.


For registration at Lahore please contact Mr. Asif Hamesh NRC office Tel: 042-111 000 422 Ext: 128 or email at asif.hamesh@icap.org.pk
For registration at Islamabad please contact Mr. Asad Ali NRC office Tel: 051-111 000 422 Ext: 29 or email at asad.ali@icap.org.pk "

Bhai Jaan I'm ICMAP and ACCA

i.e I Belong To A Tribe of Lesser Mortals

 

[The Accountant]

@Dubious @Samlee @I.R.A @shahbaz baig @The Accountant @ps3linux

I am not an ICAP member (Actually I am a CFA charterholder) but one of the ICAP members forwarded the following.

I am forwarding it in case anyone wants to cough up some dough and want to attend below event to listen to Shabbar zaidi or Dr. Abdul Hafeez Sheikh.

If anyone does, please do give us a summary in the thread.


"On June 15, 2019, for the first time in the history of the ICAP Post Budget Conference is being organized with nation-wide live transmission provided by our media partner AAJ News.

The event is planned to be held simultaneously in Lahore Islamabad and Karachi. A large number of professionals associated with ICAP members and other professional bodies are expected to attend and benefit from this unique opportunity of being connected with other locations on a real-time basis. At each location presentation by experts on allocated subject will be delivered followed by panel discussion and Q&A session. Session at one each location will be watched live by the audience at various locations and the said pattern will be replicated turn by turn for each participating locations of Lahore, Islamabad and Karachi.

The Honorable Advisor to PM on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Sheikh, has kindly consented to act as the Chief Guest at the occasion. Mr. Shabbar Zaidi, Chairman Federal Board of Revenue (FBR) will act as the Guest of Honour, along with the Secretary Finance and other senior officials of the Government will also attend this national level Event. Details about the other speakers and panellists are mentioned in the attached flyer.

The event brochure can be downloaded by clicking on the following link https://www.icap.org.pk/cpd/schedule-of-events/

The conference investment is mentioned below for your ready reference:

Rs. 4,500/- for ICAP Members/ ICAP Affiliates
Rs. 5,000/- for IFAC Body Members
Rs. 5,500/- for Non-Members
Rs. 2,500/- for ICAP Students
Life Members may attend for free

An early bird discount of 10% will be offered in case of pre-registration and payment made on or before June 14, 2019.


For registration at Lahore please contact Mr. Asif Hamesh NRC office Tel: 042-111 000 422 Ext: 128 or email at asif.hamesh@icap.org.pk
For registration at Islamabad please contact Mr. Asad Ali NRC office Tel: 051-111 000 422 Ext: 29 or email at asad.ali@icap.org.pk "

I m going. Anyone else is coming from here ?

 

[Dubious]

@Dubious @Samlee @I.R.A @shahbaz baig @The Accountant @ps3linux

I am not an ICAP member (Actually I am a CFA charterholder) but one of the ICAP members forwarded the following.

I am forwarding it in case anyone wants to cough up some dough and want to attend below event to listen to Shabbar zaidi or Dr. Abdul Hafeez Sheikh.

If anyone does, please do give us a summary in the thread.


"On June 15, 2019, for the first time in the history of the ICAP Post Budget Conference is being organized with nation-wide live transmission provided by our media partner AAJ News.

The event is planned to be held simultaneously in Lahore Islamabad and Karachi. A large number of professionals associated with ICAP members and other professional bodies are expected to attend and benefit from this unique opportunity of being connected with other locations on a real-time basis. At each location presentation by experts on allocated subject will be delivered followed by panel discussion and Q&A session. Session at one each location will be watched live by the audience at various locations and the said pattern will be replicated turn by turn for each participating locations of Lahore, Islamabad and Karachi.

The Honorable Advisor to PM on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Sheikh, has kindly consented to act as the Chief Guest at the occasion. Mr. Shabbar Zaidi, Chairman Federal Board of Revenue (FBR) will act as the Guest of Honour, along with the Secretary Finance and other senior officials of the Government will also attend this national level Event. Details about the other speakers and panellists are mentioned in the attached flyer.

The event brochure can be downloaded by clicking on the following link https://www.icap.org.pk/cpd/schedule-of-events/

The conference investment is mentioned below for your ready reference:

Rs. 4,500/- for ICAP Members/ ICAP Affiliates
Rs. 5,000/- for IFAC Body Members
Rs. 5,500/- for Non-Members
Rs. 2,500/- for ICAP Students
Life Members may attend for free

An early bird discount of 10% will be offered in case of pre-registration and payment made on or before June 14, 2019.


For registration at Lahore please contact Mr. Asif Hamesh NRC office Tel: 042-111 000 422 Ext: 128 or email at asif.hamesh@icap.org.pk
For registration at Islamabad please contact Mr. Asad Ali NRC office Tel: 051-111 000 422 Ext: 29 or email at asad.ali@icap.org.pk "

Bhai Jaan I'm ICMAP and ACCA

i.e I Belong To A Tribe of Lesser Mortals

I am a Biologist - All these short forms had to be googled...Imagine me in such a setting!

But thanks for the information!

 

[The Accountant]

Bhai Jaan I'm ICMAP and ACCA

i.e I Belong To A Tribe of Lesser Mortals

Where r u from ?

 

[Zulfiqar]

I m going. Anyone else is coming from here ?

I would have joined via ISB but it is too short notice. I have to attend a wedding that day.

Bhai Jaan I'm ICMAP and ACCA

i.e I Belong To A Tribe of Lesser Mortals

Come on! We are all here to learn and disseminate knowledge.

I am a Biologist - All these short forms had to be googled...Imagine me in such a setting!

But thanks for the information!

Well I mentioned you in case you were interested. Feel free to add others from fin/econ/business background.

 

[Kabira]

Interesting, for the first time we know military share in pensions is almost 75%.