Budget 2020 "FBR is taking suggestions from general public"

[Mega_Man]

I've been a mouth piece from past 6 years to raise awareness on taxes at least in my circle, which includes my students.

After the recent shit storm occurred against tax policies Small and medium business owners are forcing and pressuring not only government but also military generals to make necessary changes in tax policies. Which is something you don't see in any other countries, I think we are too democratic these days.
Thankfully government only postpone the cnic condition till January without any other tax reform.
So here's an idea I suggested few months ago. Which now getting attention of respective dptts.

And it was forgotten in the never ending loop between dptt to other dptt, until now. I get somewhat better reply.

But my skeptical side still not sure if government can do it. Not after how car manufacturers blackmail the entire system. Which are heavily depending on AI and robotics. We really need foreign experts curse Shaukat Aziz as much as you can but he did his job.
Everyone is taking economy matter lightly, before election PTI government officials used to give facts and figures on national TV, which actually raise awareness of the general audience, but now silent when it comes to tax policies we need more details that why Small and medium businessmen doesn't want to show cnic before buying electronics, they used to raise awareness of issues as such causes corrupt and elite to lose credibility and they were the ones who were hiding faces.
Is government really under that pressure ?
Please suggest tax reform policies at citizen Portal.

 

[blueazure]

you mention blockchain , how specifically do you think govt will collect tax from block chain transactions that are ' decentralized , NOT routed through a central server , doesnt have an office, nor a CEO .

take USDT for eg, its a USD backed cryptocurrency token on ETHEREUM blockchain . you can basically send USDT anywhere in the world, free of cost ( a very small cent fee) . there are no taxes , no WHTs on it . people are increasingly using USDT and other 'stable' coins to settle business . how will the govt tax USDT transactions ?

block chain and AI are about to spell doom for many industries , esp govt

 

[ziaulislam]

I've been a mouth piece from past 6 years to raise awareness on taxes at least in my circle, which includes my students.

After the recent shit storm occurred against tax policies Small and medium business owners are forcing and pressuring not only government but also military generals to make necessary changes in tax policies. Which is something you don't see in any other countries, I think we are too democratic these days.
Thankfully government only postpone the cnic condition till January without any other tax reform.
So here's an idea I suggested few months ago. Which now getting attention of respective dptts.
View attachment 586995
And it was forgotten in the never ending loop between dptt to other dptt, until now. I get somewhat better reply.
View attachment 586998
View attachment 586997
View attachment 586996

But my skeptical side still not sure if government can do it. Not after how car manufacturers blackmail the entire system. Which are heavily depending on AI and robotics. We really need foreign experts curse Shaukat Aziz as much as you can but he did his job.
Everyone is taking economy matter lightly, before election PTI government officials used to give facts and figures on national TV, which actually raise awareness of the general audience, but now silent when it comes to tax policies we need more details that why Small and medium businessmen doesn't want to show cnic before buying electronics, they used to raise awareness of issues as such causes corrupt and elite to lose credibility and they were the ones who were hiding faces.
Is government really under that pressure ?
Please suggest tax reform policies at citizen Portal.

Govt is under pressure from the people /industries alike and cant proceed with reforms

 

[jupiter2007]

you mention blockchain , how specifically do you think govt will collect tax from block chain transactions that are ' decentralized , NOT routed through a central server , doesnt have an office, nor a CEO .

take USDT for eg, its a USD backed cryptocurrency token on ETHEREUM blockchain . you can basically send USDT anywhere in the world, free of cost ( a very small cent fee) . there are no taxes , no WHTs on it . people are increasingly using USDT and other 'stable' coins to settle business . how will the govt tax USDT transactions ?

block chain and AI are about to spell doom for many industries , esp govt

New institution will be form to replace FBR. It’s do or die for FBR.
New system/institution will be just like IRS. Government is planning to reduce 30% of it’s overhead with help of technology which means government will layoffs more and hire some.

 

[Mega_Man]

you mention blockchain , how specifically do you think govt will collect tax from block chain transactions that are ' decentralized , NOT routed through a central server , doesnt have an office, nor a CEO .

take USDT for eg, its a USD backed cryptocurrency token on ETHEREUM blockchain . you can basically send USDT anywhere in the world, free of cost ( a very small cent fee) . there are no taxes , no WHTs on it . people are increasingly using USDT and other 'stable' coins to settle business . how will the govt tax USDT transactions ?

block chain and AI are about to spell doom for many industries , esp govt

Thing is Blockchain is a ledger that can be added to but not modified, making it very secure. Each entry is secured into blocks of entries, and each new block is linked to the previous one. Blockchain is historically known as a core part of the digital currency bitcoin but can be used for any transaction of value.
The block chain applications are already used by small to large companies in both government/private sector for keeping records of store to buying/purchasing of goods. Which is one of the causes for unemployment of human accountants/office workers. More white collars are getting fired bc of Blockchain system, imagine you studied accounting your entire life only to replace by a computer program without any manual/technical skill set that man will be jobless his entire life.
Tax can be applied to companies which are using too little to non man power in accounts/finance division. To pay off unemployment cheques to those who are effected by it but also upgrade syllabus to reduce the amount of jobless people in future, and also program and reinstall those jobless people back into system back on their feet by government sponsored entrepreneurship programs.
And for crypto currencies Government can block all the e wallets applications and other Blockchain transaction methods and replace it with their own regulated app.

 

[Crusher]

FBR needs to be dissolved, it is a corrupt failed institute. But unfortunately the current government prioritized the dissolution of PMDC because many in current Imran Khan regime (including he himself) want to ruin the government sector health services/institutes so that their own private health services/institutes progress like Shaukat khanum hospitals/labs etc.

 

[blueazure]

Thing is Blockchain is a ledger that can be added to but not modified, making it very secure. Each entry is secured into blocks of entries, and each new block is linked to the previous one. Blockchain is historically known as a core part of the digital currency bitcoin but can be used for any transaction of value.
The block chain applications are already used by small to large companies in both government/private sector for keeping records of store to buying/purchasing of goods. Which is one of the causes for unemployment of human accountants/office workers. More white collars are getting fired bc of Blockchain system, imagine you studied accounting your entire life only to replace by a computer program without any manual/technical skill set that man will be jobless his entire life.
Tax can be applied to companies which are using too little to non man power in accounts/finance division. To pay off unemployment cheques to those who are effected by it but also upgrade syllabus to reduce the amount of jobless people in future, and also program and reinstall those jobless people back into system back on their feet by government sponsored entrepreneurship programs.
And for crypto currencies Government can block all the e wallets applications and other Blockchain transaction methods and replace it with their own regulated app.

i agree with all the above except the last line . crypto wallets range from web based to software and even hardware based ledger nanos. you can now even send offline transactions . the breath of development taking place in this space is just mind blowing .

yes, PTA can ban specific websites, even thousands of them, but ' internet choking' is hardly going to stop crypto transactions . downloading a wallet is not exactly a problem

New institution will be form to replace FBR. It’s do or die for FBR.
New system/institution will be just like IRS. Government is planning to reduce 30% of it’s overhead with help of technology which means government will layoffs more and hire some.

i see FBR and central bank dying in 5-10 yrs space . they are legacy institutions whose time has come . the move to digital payments and block chain is a death spell for them that money cannot be controlled by the state . transactions on block ledgers means FBR cant tax them.

the role of govt will be only that of a 'partner' or just a policeman . taxation revenue will be reduced to indirect from ports or utilities only .

 

[Syed1.]

FBR needs to be dissolved, it is a corrupt failed institute. But unfortunately the current government prioritized the dissolution of PMDC because many in current Imran Khan regime (including he himself) want to ruin the government sector health services/institutes so that their own private health services/institutes progress like Shaukat khanum hospitals/labs etc.

Yeah can't forget how people were coming to Pakistan from all over the world to use the world class medical facilities provided by the Sharifs and now evil Imran Khan is coming in and destroying them.