Treasury is empty; Nawaz tells nation.

[Leader]

PKR 500 billion going to waste each year = USD 5.0 billion.....thats 80% of PK defence budget right there.....think how many schools, hospitals, roads, small scale dams can be built with this money.....think of the downstream effect from these projects....jobs, jobs, jobs......think this 500 billion can pay-off the circular-debt in an instant and then no more energy crisis of the level we are facing.....wow amazing...!!!

if he can run his own business into exponential profits, why cannot he make these semi/govt businesses succeed?

hope he does something this time around..

 

[Fracker]

if he can run his own business into exponential profits, why cannot he make these semi/govt businesses succeed?

hope he does something this time around..

Don't worry He can, and will.. Already our neighbors, and local and international business mans are showing alot of confidence in him. Hope next elections are not meant for negative campaign but success stories vs success stories sessions.

 

[ice_man]

....and here is why.....!!!

Opinion

Dear Mian Sahib

Dr Farrukh Saleem

Sunday, May 26, 2013



Capital suggestion



Sir, here is a partial list of government-run entities: Lesco, Gepsco, Iesco, Fesco, Mepco, Hesco, Qesco, Genco-1, Genco-2, Genco-3, PIA, Pakistan Steel, Pakistan Railways, PTV, Pakistan Agricultural Storage, Utility Stores Corporation, Tomato Paste Plant, Roti Corporation of Pakistan, Pakistan Stone Development Company, Pakistan Hunting and Sporting Arms Development Company, Pakistan Gems and Jewellery Development Company, Technology Commercialisation Corporation of Pakistan, National Industrial Parks Development and Management Company, Technology Up-Gradation and Skill Development Company, National Insurance Corporation, Hazara Phosphate Fertilizers, Heavy Electrical Complex, Machine Tool Factory, Morafco Industries, National Power Construction Company, National Fertilizers Corporation, State Engineering Corporation, Pakistan Steel Fabricating Company Limited, Pakistan Mineral Development Corporation, Ghee Corporation of Pakistan, Republic Motors, State Cement Corporation of Pakistan, State Petroleum Refining and Petrochemicals Corporation, Pakistan Industries Development Corporation, Trading Corporation of Pakistan, Cotton Export Corporation of Pakistan, Rice Export Corporation of Pakistan, Pakistan Industrial and Technical Training Centre and Pakistan Engineering Company.



Sir, collectively they cost the treasury a colossal Rs500 billion a year, every year or Rs1.5 billion a day, every day of the year.



Sir, if the prime minister of Pakistan is the appointing authority of the heads of these government-run entities, then the prime minister is responsible for the Rs500 billion a year loss every year for his entire five-year term.



Sir, the root of all this evil is the mixing up of politics and business. The PPP refused to detach politics from business because it was bent upon extracting juice from the pulp. I hope – and pray – that your government has intentions different from the PPP’s.



Sir, please delegate your authority to an independent, high powered state-owned enterprises selection board (SOESB) with four specific functions: to be responsible for the selection and placement of the chairmen/managing directors; to be responsible for the setting of goals and a performance assessment framework (PAF); to be responsible for the formulation and the subsequent enforcement of a code of conduct for all chairmen/managing directors; to be responsible for the appointment, remuneration and dismissal of the chairmen/managing directors.



Sir, the only way out of the Rs500 billion mess is to establish a firm arms length relationship between the PM Secretariat and state-owned enterprises.



Sir, starting in 1841, the government of Canada has been successfully managing a whole host of Crown Corporations – including Canadian National Railways, Petro-Canada, Air Canada and Canadian Broadcasting Corporation – by establishing an arms length relationship and shielding these corporations from political intervention.



In 2010, the elected president of Ghana established the Ghanaian Constitution Review Commission (CRC). The CRC has diluted presidential powers to appoint heads of government institutions. It has been proposed to establish “a constitutional body similar to the Public Services Commission to appoint heads of statutory bodies and other state institutions.”



Sir, in Singapore the economy is completely dominated by corporations owned or controlled by the government (up to 60 percent of the GDP is produced by government-linked corporations). Temasek Holdings, the government-owned corporation, controls assets worth $160 billion that include Singapore Airlines, Sing Tel, MediaCorp, Singapore Power, Singapore Zoo, Standard Chartered and Bank of China. The Singapore government, however, is “not involved in Temasek’s investment, divestment or any other business of operational decisions.”



Dear Mian Sahib, Temasek made $12 billion last year and we lost Rs500 billion the same year.



The writer is a columnist based in Islamabad. Email: farrukh15@hotmail.com. Twitter: @Saleemfarrukh

TO CUT 500 BILLION RUPPEES of losses a year we need to privatise everything except maybe Pakistan Steel mill! and then tax them!

this way instead of losing 500 billion ruppees a year you can collect taxes worbht 500 billion ruppees!

 

[Jaanbaz]

Lol the irony. Just before Nawaz Sharif was ousted from power during 1999 our treasury was almost empty. Pakistan was nearly declared bankrupt.
These are not going to be easy five years but i guess jahil awam can easily be bribed with metro buses, sasti roti and now a bullet train from lahore to karachi?
Business as usual after free and fair selection.

 

[Tiger Awan]

And when I said NS ready to accepts $15B so called Aid from sheikhs, someone deleted my post.

Article 62 1(n)
A person shall be disqualified if

"he has obtained a loan for an amount of two million rupees or more, from any bank, financial institution, cooperative society or cooperative body in his own name or in the name of his spouse or any of his dependents, which remains unpaid for more than one year from the due date, or has got such loan written off."

Sharif brothers have taken more than 3 billion rupees loan from various bans and institutions, have not paid it.

Thanks for you concern about Pakistan now plz go and sleep in your AC rooms. once again thanks for your concern

 

[Luftwaffe]

Thanks for you concern about Pakistan now plz go and sleep in your AC rooms. once again thanks for your concern

Nice weather here no need for ACs by the way there are more ACs in raiwind palace then in entire punjab...burger wazir e azam.

 

[Aamna14]

And so is his head by the way.

 

[Solomon2]

Deng Xiaoping had to work hard to reform China's economy.

He was purged twice during the Cultural Revolution, and his son was tortured and thrown out a window. He was targeted over and over again by powerful people for decades, not just him but his entire family.

He was a great leader, because he put the welfare of the nation over his own personal safety.

Pakistan needs someone like Deng, someone strong enough to reform the entire system, regardless of whether or not they are targeted and persecuted for it. Unfortunately, such great leaders are very rare. Most countries are lucky if they get one a century.

"Heroes come when they're needed; great men step forward when courage seems in short supply."

- U.S. President Ronald Reagan, speaking of General Matthew "Old Iron Tits" Ridgway, the commander who turned around the Korean War in favor of United Nations forces. link

 

[livingdead]

Deng Xiaoping had to work hard to reform China's economy.

He was purged twice during the Cultural Revolution, and his son was tortured and thrown out a window. He was targeted over and over again by powerful people for decades, not just him but his entire family.

He was a great leader, because he put the welfare of the nation over his own personal safety.

Pakistan needs someone like Deng, someone strong enough to reform the entire system, regardless of whether or not they are targeted and persecuted for it. Unfortunately, such great leaders are very rare. Most countries are lucky if they get one a century.

Well pakistan is a democracy, and NS cant take any unpopular decision. People of his country might disown him, even his own party might disown him. He cant comeback like Mr Deng.

A politician has to do delicate balancing work in democracy, many time he might not even get second chance.

 

[canadian icehole]

Drawbacks of democracy .I hate democracy for this, majority is not always correct, more so when literacy rate(no offence meant) is not adequate...

Unfortunately, democracies need more than citizenry with a high literacy rate. It requires citizens to be politically active and not selfish individuals. A great deal of people are preoccupied with making ends meet; leaving little or no room for other issues. It gets worse when you have families raising children and both parents working.

 

[Jzaib]

if he can run his own business into exponential profits, why cannot he make these semi/govt businesses succeed?

hope he does something this time around..

Beaacuse he is in politics for bussiness ..read about how they distroyed potery bussiness for every small investor ..and how he now run the biggest control shed now ... everytime he is in power ..his bussiness do alot of profit ..bhie government k saab thekay yeh loog ley jatay hain ...
baki loan ley k shoro kartay hain kaam aur loan b maaf ...

Nice weather here no need for ACs by the way there are more ACs in raiwind palace then in entire punjab...burger wazir e azam.

now matter how much you try convincing them ...theese darbari's dont respond to logic ..let them do pooja of their made up Gods...

 

[SBD-3]

Beaacuse he is in politics for bussiness ..read about how they distroyed potery bussiness for every small investor ..and how he now run the biggest control shed now ... everytime he is in power ..his bussiness do alot of profit ..bhie government k saab thekay yeh loog ley jatay hain ...
baki loan ley k shoro kartay hain kaam aur loan b maaf ...



now matter how much you try convincing them ...theese darbari's dont respond to logic ..let them do pooja of their made up Gods...

Well here is logic for you
2010 2011 2012
Jahangir Khan Tareen (NA-154)
Reported Income 565,305,317 844,784,861 567,807,830
Tax Paid 7,673,274 16,338,368 22,532,582
Effective Tax Rate 1.36% 1.93% 3.97%
Jahangir Khan Tareen (NA-148)
Reported Income 6,097,760 6,397,845 5,249,120
Tax Paid 598,650 620,006 587,500
Effective Tax Rate 9.82% 9.69% 11.19%
Makhdoom Javed Hashmi (NA-48)
Reported Income 4,473,084 No Income Reported 2,425,584
Tax Paid 39,325 35,276
Effective Tax Rate 0.88% 1.45%
Imran Khan (NA-1)
Reported Income 9,445,653 2,926,620 3,595,000
Tax Paid 1,856,599 308,608 267,440
Effective Tax Rate 19.66% 10.54% 7.44%
Election Commission of Pakistan
Iss Hamam main sab Nangay hain bhayia

 

[Zarvan]

Well here is logic for you
2010 2011 2012
Jahangir Khan Tareen (NA-154)
Reported Income 565,305,317 844,784,861 567,807,830
Tax Paid 7,673,274 16,338,368 22,532,582
Effective Tax Rate 1.36% 1.93% 3.97%
Jahangir Khan Tareen (NA-148)
Reported Income 6,097,760 6,397,845 5,249,120
Tax Paid 598,650 620,006 587,500
Effective Tax Rate 9.82% 9.69% 11.19%
Makhdoom Javed Hashmi (NA-48)
Reported Income 4,473,084 No Income Reported 2,425,584
Tax Paid 39,325 35,276
Effective Tax Rate 0.88% 1.45%
Imran Khan (NA-1)
Reported Income 9,445,653 2,926,620 3,595,000
Tax Paid 1,856,599 308,608 267,440
Effective Tax Rate 19.66% 10.54% 7.44%
Election Commission of Pakistan
Iss Hamam main sab Nangay hain bhayia

Well what is being nanga here except Hashmi every body has told his income and how much tax they have paid so what are you trying to say here Mr ?

 

[SBD-3]

Well what is being nanga here except Hashmi every body has told his income and how much tax they have paid so what are you trying to say here Mr ?

These are the tax rates an ordinary (middle income) taxpayer (like me) pays
1 0 to Rs400,000/- 0%
2 Rs400,000/- to Rs750,000/- 5% of the amount of exceeding Rs400,000/-
3 Rs750,000/- to Rs1,500,000/- Rs17,500/- + 10% of the amount of exceeding Rs750,000/-
4 Rs1,500,000/- to Rs2,000,000/- Rs95,000/- + 15% of the amount of exceeding Rs1,500,000/-
5 Rs2,000,000/- to Rs2,500,000/- Rs175,000/- + 17.5% of the amount of exceeding Rs2,000,000/-
6 Rs2,500,000/- and above Rs420,000/- + 20% of the amount of exceeding Rs2,500,000/-==================================
Just calculate the tax payable at these incomes and what is actually being paid. The point is that these people themselves enjoy the luxury of tax exempt income sources.

 

[AnnoyingOrange]

These are the tax rates an ordinary (middle income) taxpayer (like me) pays
1 0 to Rs400,000/- 0%
2 Rs400,000/- to Rs750,000/- 5% of the amount of exceeding Rs400,000/-
3 Rs750,000/- to Rs1,500,000/- Rs17,500/- + 10% of the amount of exceeding Rs750,000/-
4 Rs1,500,000/- to Rs2,000,000/- Rs95,000/- + 15% of the amount of exceeding Rs1,500,000/-
5 Rs2,000,000/- to Rs2,500,000/- Rs175,000/- + 17.5% of the amount of exceeding Rs2,000,000/-
6 Rs2,500,000/- and above Rs420,000/- + 20% of the amount of exceeding Rs2,500,000/-==================================
Just calculate the tax payable at these incomes and what is actually being paid. The point is that these people themselves enjoy the luxury of tax exempt income sources.

Wow.. no wonder Direct Tax contribution of the State revenue is very less... at these tax rates and slabs ...a huge proportion of the Pakistani Population does not pay tax at all...

I mean how many people in Pakistan would fall into a tax bracket of above PKR 400000 per year???

Pakistan Government should increase their tax base and ensure that a major part of the population comes under tax paying bracket.