ziaulislam
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Kasaab valuation was in negative
Tax officers threaten legal action against appointment of Shabbar Zaidi as FBR chairman
- Thread starter HAIDER
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Kasaab valuation was in negative
The Accountant
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This is stupid ... all comments shows that writer knows jack shit about taxation and transactuon advisory ... in all type of transaction advisory role of tax advisor is limited to tax implications only and the pricing and traetment have to be decided by investment banker ...
Secondly the whole concept of bringing shabbar zaidi is that recently fbr has became a mafia and involved in threatening businesses ... one of the core reasons of lack of investment in Pakistan ...
He will help bringing trust back to Pakistani businessman who can then increase the investment culture ...
Chaos in FBR as govt aims for budget on May 22
The government is aiming to announce the federal budget on May 22, according to a communication received at the tax bureaucracy last week, as confusion reigns over the status of the current and incoming chiefs of the Federal Board of Revenue (FBR).
Meanwhile, the summary to appointShabbar Zaidi, a Karachi-based chartered accountant, as new chairman of the FBR was
returned by the cabinet since it contained powerful reservations about the appointment.
Jehanzeb Khan had been conducting in-house meetings to coordinate the drawing up of a revenue plan and projections that are necessary preparatory work for any budget exercise when he learnt from television reports on Friday night that a decision had been made to end his tenure as FBR chairman. Since a transfer order to that effect had not been received by him, sources at the FBR told Dawn, he continued with his assignment, discharging his responsibilities on Saturday as well.
“Budget-related meetings were held at the FBR even after the announcement of the termination of his services hit the airwaves,” an informed source told Dawn, until Prime Minister Imran Khan made public the name of the replacement. “After that the incumbent chairman could not continue with his work” and budget preparations at the FBR ground to a halt.
Cabinet fails to approve name of new FBR chairman as work grinds to a halt
A meeting of the federal cabinet was to approve the name of Shabbar Zaidi, the third private sector individual to head the FBR, as replacement for Jehanzeb Khan, but several sources present at the meeting told Dawn that the summary seeking the approval had to be withdrawn.
According to them, the prime minister was cautioned against pushing the nomination through since a judgement of the Supreme Court holds the field in the matter of private sector appointments to such posts. It lays down strict criteria that must be followed before making such an appointment.
The summary was sent by the Establishment Division but, according to those who saw it, the summary contained important reservations.
The Establishment Division secretary is reported to have raised two major objections to the appointment — a conflict of interest in appointing a private sector chartered accountant whose job all along has been to advise large business houses on tax matters, and the failure to have followed the guidelines laid down by the Supreme Court in the nomination of private sector individuals to such positions.
In the case of the latter, the summary is reported to have said that a notification issued by the Establishment Division would be open to contempt of court charges since the criteria laid down for such appointments have not been followed. Those criteria include, for example, public advertisements for the post and interviews with interested candidates.
These were spelled out in the Arshad Ali Hakeem case from 2013, in which the Supreme Court actually struck down the appointment of the last private sector FBR chairman for not having been made in accordance with the law.
Such steps have not been followed in the case of Shabbar Zaidi’s appointment either, and at least a staff association within the FBR has threatened legal action against the appointment should an official notification be issued.
According to a source present at the cabinet meeting, the prime minister “expressed his displeasure” and ordered that the issue be resolved “in 48 hours”.
Meanwhile, budget-related work at the FBR has ground to a halt, and an impasse is now looming before the government.
Complying with the procedure laid down by the apex court in its judgement could take months, but the government needs an active FBR chairman immediately to proceed with budget preparations. On top of that, the beginning of Ramazan sees slackness in the pace of work and Eid holidays will also complicate the calendar, given the tight timelines.
On Tuesday, an FBR official told Dawn, Jehanzeb Khan spent the day in his office since he is still the chairman legally until his notification for transfer is issued by the Establishment Division. But he did not attend to any important matter.
https://www.dawn.com/news/1480974/chaos-in-fbr-as-govt-aims-for-budget-on-may-22
The government is aiming to announce the federal budget on May 22, according to a communication received at the tax bureaucracy last week, as confusion reigns over the status of the current and incoming chiefs of the Federal Board of Revenue (FBR).
Meanwhile, the summary to appointShabbar Zaidi, a Karachi-based chartered accountant, as new chairman of the FBR was
returned by the cabinet since it contained powerful reservations about the appointment.
Jehanzeb Khan had been conducting in-house meetings to coordinate the drawing up of a revenue plan and projections that are necessary preparatory work for any budget exercise when he learnt from television reports on Friday night that a decision had been made to end his tenure as FBR chairman. Since a transfer order to that effect had not been received by him, sources at the FBR told Dawn, he continued with his assignment, discharging his responsibilities on Saturday as well.
“Budget-related meetings were held at the FBR even after the announcement of the termination of his services hit the airwaves,” an informed source told Dawn, until Prime Minister Imran Khan made public the name of the replacement. “After that the incumbent chairman could not continue with his work” and budget preparations at the FBR ground to a halt.
Cabinet fails to approve name of new FBR chairman as work grinds to a halt
A meeting of the federal cabinet was to approve the name of Shabbar Zaidi, the third private sector individual to head the FBR, as replacement for Jehanzeb Khan, but several sources present at the meeting told Dawn that the summary seeking the approval had to be withdrawn.
According to them, the prime minister was cautioned against pushing the nomination through since a judgement of the Supreme Court holds the field in the matter of private sector appointments to such posts. It lays down strict criteria that must be followed before making such an appointment.
The summary was sent by the Establishment Division but, according to those who saw it, the summary contained important reservations.
The Establishment Division secretary is reported to have raised two major objections to the appointment — a conflict of interest in appointing a private sector chartered accountant whose job all along has been to advise large business houses on tax matters, and the failure to have followed the guidelines laid down by the Supreme Court in the nomination of private sector individuals to such positions.
In the case of the latter, the summary is reported to have said that a notification issued by the Establishment Division would be open to contempt of court charges since the criteria laid down for such appointments have not been followed. Those criteria include, for example, public advertisements for the post and interviews with interested candidates.
These were spelled out in the Arshad Ali Hakeem case from 2013, in which the Supreme Court actually struck down the appointment of the last private sector FBR chairman for not having been made in accordance with the law.
Such steps have not been followed in the case of Shabbar Zaidi’s appointment either, and at least a staff association within the FBR has threatened legal action against the appointment should an official notification be issued.
According to a source present at the cabinet meeting, the prime minister “expressed his displeasure” and ordered that the issue be resolved “in 48 hours”.
Meanwhile, budget-related work at the FBR has ground to a halt, and an impasse is now looming before the government.
Complying with the procedure laid down by the apex court in its judgement could take months, but the government needs an active FBR chairman immediately to proceed with budget preparations. On top of that, the beginning of Ramazan sees slackness in the pace of work and Eid holidays will also complicate the calendar, given the tight timelines.
On Tuesday, an FBR official told Dawn, Jehanzeb Khan spent the day in his office since he is still the chairman legally until his notification for transfer is issued by the Establishment Division. But he did not attend to any important matter.
https://www.dawn.com/news/1480974/chaos-in-fbr-as-govt-aims-for-budget-on-may-22
War Thunder
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Every dumb chick is a reporter now a days, and the ignorants who lack the brains to think will follow her blindly as usual.
S.Y.A
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his involvement(if he was involved in the first place) just proves that he knows how business men and fbr use the loopholes, and how to plug them, chor ko chor he pakar sakta hai.
airmarshal
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I think, the experience and expertise these two individuals have, will take Pakistan forward.
FBR is extremely corrupt. I have two personal examples that know of. My friend who graduated from Karachi with me had a very successful technology business. ( He came to Canada in PPP era of liberal democracy, winding his business down in Karachi and Dubai as he was constantly getting threats from PPP backed Lyari gangs of kidnap of his children if he did not pay varying amounts of ransom). My friend had a Rs 2 crore tax refund pending. He applied for it. He was told by FBR officer his refund application cant be forwarded as the officer and his higher up wanted 1 crore from the refund as his service fee. This is how unfriendly and anti business FBR is.
At this moment, Shabbar Zaidi seems to be the best appointment to clean up corruption and put FBR on the right track. Dont underestimate the resistance both from within FBR and seemingly well meaning lobbies. This is a fight against status quo and mafia and we too have to pick sides.
FBR is extremely corrupt. I have two personal examples that know of. My friend who graduated from Karachi with me had a very successful technology business. ( He came to Canada in PPP era of liberal democracy, winding his business down in Karachi and Dubai as he was constantly getting threats from PPP backed Lyari gangs of kidnap of his children if he did not pay varying amounts of ransom). My friend had a Rs 2 crore tax refund pending. He applied for it. He was told by FBR officer his refund application cant be forwarded as the officer and his higher up wanted 1 crore from the refund as his service fee. This is how unfriendly and anti business FBR is.
At this moment, Shabbar Zaidi seems to be the best appointment to clean up corruption and put FBR on the right track. Dont underestimate the resistance both from within FBR and seemingly well meaning lobbies. This is a fight against status quo and mafia and we too have to pick sides.
Enigma SIG
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Just sign up for an NTN as an honest tax payer and see your mail fill up with FBR notices. Inbred bastards.
niaz
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Before we start, I would like to make it clear that I have never met Mr. Shabbar Zaidi and have no connection with him whatsoever. What little I know about him is from his appearances in a few Talk Shows on TV and that everyone has said good words about him after his appointment was announced. After reading post # 14 by Hon Maithil, I did some research on the KASB bank. I found two interesting articles.
The one in the “Tribune” (https://tribune.com.pk/story/1674378/2-bankislami-kasb-bank-merger-caused-rs3-5b-loss-agp/) says that Office of the Auditor General (AGP) has raised objection on the merger of KASB with the Bank Islami causing the loss of Rs 3.5-billion to the national exchequer.
“The AGP has framed the audit objections in its latest report for the Audit Year 2017-18 on the accounts of the central bank. The AGP had also printed an audit objection of a loss of Rs435 million in its last report for the Audit Year 2016-17. On May 7, 2015, the SBP merged KASB Bank into Bank Islami at a token price of Rs1,000 after the former could not meet the statutory paid-up capital requirement of Rs10 billion. The SBP had extended two separate loans of Rs20 billion to Bank Islami after the amalgamation of KASB bank.”
“In August 2017, The Express Tribune reported that SBP’s financial aid to Bank Islami caused Rs3.45 billion losses.
The auditors were of the view that at the time of KASB’s merger the market value of the bank was Rs6.6 billion, being worked out at Rs3.47 per share of 1.9 billion shares. The decision to merge the bank at Rs1, 000 caused this much loss to the sponsors.”
The second article in the Dawn (https://www.dawn.com/news/1418053) says that “SBP disposes the objections against KSB bank merger”.
“In order to reach the maximum members or shareholders of the bank, notices were also placed on the websites of the Central Depository Company (CDC), Bank Islami (Pakistan) Ltd and Pakistan Stock Exchange (PSX).
A copy of the notices was also issued to the 3,999 members and shareholders of the bank on the given addresses, as per the list obtained from Bank Islami, CDC and PSX.
According to the notice, the members or shareholders of the bank, as on 27-4-2015, were invited to file their written objections to the valuation of the bank as set out in the scheme of amalgamation to the Director, Banking Policy and Regulations Department, SBP, within 15 days of the notice.”
“KASB Bank remained non-compliant with the prescribed minimum capital requirement and capital adequacy ratio since 2009. In January 2011 the SBP imposed monetary penalties and some limitations on operations. The bank was operating in highly objectionable manner, the SBP said.
Due to the continued deteriorating financial position posing serious threats to depositors’ money, the bank failed to inject the required capital as committed with the SBP. The accumulated loss of the bank reached Rs12.6 billion.”
I did not see the name of Mr. Shabbar Zaidi mentioned either in the AGP or in the SBP declarations as published in the Tribune or the Dawn.
Understand that the KASB Bank was a ‘Client’ of the Accountancy firm AF Ferguson (an affiliate of the Price Waterhouse Coopers). NAB, being in the habit of painting everyone with the same brush, included Mr. Zaidi’s name in the ECL list because he is a senior partner.
I would say it is akin to the lawyer of the accused found guilty along with the accused because the lawyer lost the case!
It is with great regret to state that in my country nothing and no one is without controversy. And as I have posted before; since Shabbar Zaidi’s appointment is bound to be an impediment in a lot of people getting rich through Tax theft; every possible tool including character assassination would be employed to stop this from happening.
Except being someone who cannot stop loving his country and would like Pakistan to get out of the perpetual revenue shortfall; I have no other axe to grind. I leave it to the members to think whatever they will about Mr. Zaidi.
The one in the “Tribune” (https://tribune.com.pk/story/1674378/2-bankislami-kasb-bank-merger-caused-rs3-5b-loss-agp/) says that Office of the Auditor General (AGP) has raised objection on the merger of KASB with the Bank Islami causing the loss of Rs 3.5-billion to the national exchequer.
“The AGP has framed the audit objections in its latest report for the Audit Year 2017-18 on the accounts of the central bank. The AGP had also printed an audit objection of a loss of Rs435 million in its last report for the Audit Year 2016-17. On May 7, 2015, the SBP merged KASB Bank into Bank Islami at a token price of Rs1,000 after the former could not meet the statutory paid-up capital requirement of Rs10 billion. The SBP had extended two separate loans of Rs20 billion to Bank Islami after the amalgamation of KASB bank.”
“In August 2017, The Express Tribune reported that SBP’s financial aid to Bank Islami caused Rs3.45 billion losses.
The auditors were of the view that at the time of KASB’s merger the market value of the bank was Rs6.6 billion, being worked out at Rs3.47 per share of 1.9 billion shares. The decision to merge the bank at Rs1, 000 caused this much loss to the sponsors.”
The second article in the Dawn (https://www.dawn.com/news/1418053) says that “SBP disposes the objections against KSB bank merger”.
“In order to reach the maximum members or shareholders of the bank, notices were also placed on the websites of the Central Depository Company (CDC), Bank Islami (Pakistan) Ltd and Pakistan Stock Exchange (PSX).
A copy of the notices was also issued to the 3,999 members and shareholders of the bank on the given addresses, as per the list obtained from Bank Islami, CDC and PSX.
According to the notice, the members or shareholders of the bank, as on 27-4-2015, were invited to file their written objections to the valuation of the bank as set out in the scheme of amalgamation to the Director, Banking Policy and Regulations Department, SBP, within 15 days of the notice.”
“KASB Bank remained non-compliant with the prescribed minimum capital requirement and capital adequacy ratio since 2009. In January 2011 the SBP imposed monetary penalties and some limitations on operations. The bank was operating in highly objectionable manner, the SBP said.
Due to the continued deteriorating financial position posing serious threats to depositors’ money, the bank failed to inject the required capital as committed with the SBP. The accumulated loss of the bank reached Rs12.6 billion.”
I did not see the name of Mr. Shabbar Zaidi mentioned either in the AGP or in the SBP declarations as published in the Tribune or the Dawn.
Understand that the KASB Bank was a ‘Client’ of the Accountancy firm AF Ferguson (an affiliate of the Price Waterhouse Coopers). NAB, being in the habit of painting everyone with the same brush, included Mr. Zaidi’s name in the ECL list because he is a senior partner.
I would say it is akin to the lawyer of the accused found guilty along with the accused because the lawyer lost the case!
It is with great regret to state that in my country nothing and no one is without controversy. And as I have posted before; since Shabbar Zaidi’s appointment is bound to be an impediment in a lot of people getting rich through Tax theft; every possible tool including character assassination would be employed to stop this from happening.
Except being someone who cannot stop loving his country and would like Pakistan to get out of the perpetual revenue shortfall; I have no other axe to grind. I leave it to the members to think whatever they will about Mr. Zaidi.
Fledgingwings
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Looks like they see their tails getting stepped on.
The Accountant
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Here I would like to add few things. I am an A F Ferguson Alumni and I can confirm that as on organization they are never involved in shady deals... I have never worked in Shabbar's team however, he had a great reputation and was considered as best of the best...
Firstly, I would like to clarify that Shabbar Zaidi is not an auditor, on the contrary, he is a tax practitioner ... In a selling transaction, the role of tax practitioner is limited to advise on the tax implications of various transactions and how to draft the contract to get the maximum tax benefits therefore even if the transaction of KASB bank was shady then it has to be the responsibility of investment banker involved and not the tax advisor. Tax advisor don't even know the price unless it got publicized ... His job gets ended after submission of tax due diligence report and price negotiations start only after getting due diligence reports. Therefore in no case, Shabbar Zaidi can be involved in any shady pricing issue of KASB bank as it is not his job ...
Secondly, people need to understand the difference between tax planning and tax evasion. Tax planning is legal and right of tax-payer and job of tax practitioner is to plan the transaction in such a way to get the most efficient cost structure i.e. the minimum amount of tax to be paid ... On the other hand tax evasion is to conceal your income to not to pay the tax...
I know for sure that AFF never takes a case of tax evasion as I am not only an Ex-Alumin but AFF is also my service provider however, they help us in tax planning ...
An example of tax planning could be like this, if you own a company and your company's office building is also owned by you then you have to pay tax on company's profits however, you can also charge a rent to the company for the building in use. As tax rates on profits is higher than tax rates on rental income therefore on overall basis you will end up paying less tax but your all income will be declared and legal ... On the contrary, if you don't show you actual profits and avoid taxes than its tax evasion and is illegal ...
SIPRA
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Very good explanation. Thanks.
Crusher
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Great explanation , I learned something new.
ziaulislam
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Last i check his nomination is in trouble because of memebers of FBR going to court
Every 16 garde FBR official wants to remain a billionaire
The Accountant
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True but unfortunate ... however we need to take such tough decisions ... fbr is out of control and its necesaary to overhaul it ... tax is for facilitation of state but they r currently one of the biggest hurdle in state affairs ...
From Shabbar’s lens
Published on Wednesday, 8 May 2019
https://www.brecorder.com/2019/05/08/495399/from-shabbars-lens/
Shabbar Zaidi is no stranger to tax policy and administration affairs in Pakistan. The official notification of his appointment as Chairman FBR was not issued till the time of writing this note, whereas independent critics and tax officers have warned of a legal action against the appointment done without any competitive bidding of sorts. How exactly will PM Khan handle this cannot be said with certainty.
But what kind of tax policy and administration can be expected if Shabbar makes it to the spot (and stays there without further changes in batting order) can be gleaned with some certainty from his many interviews to BR Research over the last ten years, and his regular op-eds published in this paper. Below is an itemised summary of hhis thoughts on some of the hottest tax related topics.
PAKISTAN IS RUN BY ARTHIS
‘Arthis’ are the ones who really run Pakistan. Tax potential of the income earned by the traders of that farm produce, the middleman or the ‘arthis’, is no less than Rs1000 billion. Why isn’t this aspect researched by Pakistani economists?
All of the farm produce - wheat, rice, cotton, sugar, milk, meat, fruits and vegetables - in all of these cases the farmer earns 10-20 percent and the rest is earned by the middleman. If the PTI really means business, then it must go after the ‘arthis’.
Not only is it that this income from trading of farm produce is hidden under the garb of farm produce income, it is the reason why Pakistan has such a huge cash economy. While some of these are financially included but fiscally excluded, most of these are both financially and fiscally excluded.
CAN NADRA-FBR MARRIAGE WORK?
NADRA records should be used. But there are many legal, practical and procedural hurdles in linking NADRA with FBR. Exemptions, zero-rating must go, and agricultural income tax must be implemented to fix information gaps. Without it the NADRA-FBR linking is a futile exercise.
Asset records – such as land, shop, office, industry, car - are with provincial governments. Income tax is with the federal government. What can FBR achieve unless both governments don’t share asset datasets. No reform without linking asset and income records.
POLITICS OF TAXATION
Political parties are not financed by corruption; they are being financed by donations from businessmen across the economy who in turn influence tax policy for their own benefit. One party does not want to hurt the
agriculturalists, other party will not like to tax businessmen and retailers; how can there be taxation reforms in the country.
POLITICAL MESSAGING
At the very least, PM Imran Khan should spell out detailed tax problems to the nation and tell people that a country with such a flawed system cannot develop. They are excessively focused on financial corruption; corruption is not the issue. Flawed structure is. The government has already wasted six months harping about corruption, and if they don’t reform the system, its structure, then they too will be back to square one by the end of their tenure.
MEDIA’S ROLE
There is intellectual corruption on the part of media. Media has politicised economic and taxation issues. The core issue of this country is not terrorism, nor is it army or politics; it’s the failure to make economics and economic distribution a subject of discussion.
The media should tell the public which sectors pay and don’t pay taxes. Has the media ever gone to a cloth market, mobile market or a wholesale market or shopping plaza to raise hue and cry about their failure to pay their taxes?
THE PRICE OF REFORMS?
Major tax reforms even if it stalls the economy in the short run. The Prime Minister must take the bitter pill and take tough decisions now. It will shake up the system and create more troubles in the short and medium term. But that is the only way out. And better do it now than to go back to square-one five years later. Effective tax reforms in effect means destroying the current economic edifice and creating a new one.
GST
The administrative split between federal and provincial governments for GST on goods and services must come to an end. Single tax collection agency needs to collect both and distribute it as per whatever formula is agreed upon.
FBR
The FBR has lost its reputation beyond repair; at the least there should be a change of name to signify a change of direction and a new vision.
BANKING SECTOR
Why are banks allowed to open accounts above a certain threshold without the account holder being a filer? Bank accounts must be linked with FBR to ensure that banks give requisite data to tax authorities.
The decision to charge WHT on bank transactions is not based on any economic policy; it is an easy way to drum up collections without chasing tax evaders.
FILER-NON-FILERS
This approach is a fallacy. It may result in increase in tax collection, but it is not mindful of any concept of equitable redistribution. The main problem with this approach is that it is not taxing income; it’s just presumptive and transactional taxes that have only caused problems.
DOCUMENTATION & CORPORATISATION
There is an urgent need to organise the manufacturing sector with appropriate incentives for organised and documented ones and penalise the undocumented sector.
The effective tax rate for shareholders in a corporate sector (assuming all after-tax profits are paid to shareholders) is 41 percent. Given the same income a non-corporate entity – which is what most trading sector firms are — effectively pays 22 percent tax.
There is no data reporting mechanism. The state doesn’t even know the number of shops and hotels in Saddar area in Karachi. The last survey of property in Karachi was done in 1974. In Lahore it was done somewhere in the 80s. How can tax departments – federal and provincial – collect urban property taxes and link asset records to income records without a survey?
pak-marine
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Shabar zaidi is a hawk who knows how the system works and how corporations and individuals hide taxes local as well as international its unlikely he can stay as chairman fbr the bearucrats cant have him so are the rich elites “sugar mill owners “ etc
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