Huzaima Ikram & Ijaz

Huzaima Ikram & Ijaz Huzaima, Ikram & Ijaz, A firm with a different and creative approach. Where Finance meets Jurisprud

Just before the end of fiscal year 2025, debt servicing budgeted at Rs. 9,775 billion would certainly be revised upward,...
07/07/2024

Just before the end of fiscal year 2025, debt servicing budgeted at Rs. 9,775 billion would certainly be revised upward, and FBR’s target fixed at Rs. 12,370 billion downward. This is the well-known, long-practiced and well-designed modus operand of the crafty bureaucrats sitting in the M*F to understate the expenditure and overstate the tax revenues. If this is called prudent budget making, then what can be a more apt example of perpetual insanity!

A well-known, long-practiced tactic of Pakistan's revenue bureaucracy is to understate the expenditure and overstate tax revenues, which inevitably leads to

Apart from tax collection, the Delhi government has prioritised enhancing governance by digitising various systems to fa...
30/06/2024

Apart from tax collection, the Delhi government has prioritised enhancing governance by digitising various systems to facilitate public services, improve efficiency and reduce corruption. They have also reformed the education system, fostering an entrepreneurial mindset by providing seed money for developing business ideas and turning them into reality. Moreover, they have reserved special seats in top universities for top performers in business idea development, granting them admission without any entry tests.

The achievements did not rely on a bid to extract more from the existing taxpayers or imposing new taxes. The chief minister has frequently accused the central government of not paying the territory its fair share of taxes. Despite the challenge, he has turned a deficit-running jurisdiction into a surplus one. His success is rooted in better strategy and effective governance resulting in the provision of free electricity, water, bus travel for women and world-class education and healthcare facilities for all citizens.

Meanwhile, Pakistan government’s approach to revenue growth is based on larger contributions from the existing taxpayers. Tax revenue receipts are projected at Rs 12,970 billion, representing an increase of nearly 38 percent over the previous year. This includes the imposition of additional taxes on existing taxpayers by raising tax rates and altering tax slabs.

The budget is no more than a customary allocation of funds to various sectors

In the words of Sigmund Freud, “a civilization which leaves so large a number of its participants unsatisfied and drives...
29/06/2024

In the words of Sigmund Freud, “a civilization which leaves so large a number of its participants unsatisfied and drives them into revolt neither has nor deserves the prospect of a lasting existence.”

In the words of Sigmund Freud, “a civilization which leaves so large a number of its participants unsatisfied and drives them into revolt neither has nor

پاکستان میں رجعت پسند ٹیکسوں کا بوجھ کم مراعات یافتہ طبقوں، خاص طور پر سفید پوش تنخواہ دار افراد اور پاکستان میں ایک مقر...
28/06/2024

پاکستان میں رجعت پسند ٹیکسوں کا بوجھ کم مراعات یافتہ طبقوں، خاص طور پر سفید پوش تنخواہ دار افراد اور پاکستان میں ایک مقررہ آمدنی والے نچلے اور متوسط طبقے کے ارکان پر مسلسل بڑھتا جا رہا ہے۔ اس کے برعکس امیر اور طاقتور افراد اپنی استطاعت کے مقابلے میں انتہائی معمولی رقم ادا کر رہے ہیں یا ٹیکس سے مستثنیٰ ہیں۔

پاکستان میں رجعت پسند ٹیکسوں کا بوجھ کم مراعات یافتہ طبقوں، خاص طور پر سفید پوش تنخواہ دار افراد اور پاکستان میں ایک مقررہ آمدنی والے نچلے اور متوسط طبقے کے

The drug scene at its roots in Pakistan, like other countries, is nothing more than a business story. This is a stark re...
26/06/2024

The drug scene at its roots in Pakistan, like other countries, is nothing more than a business story. This is a stark reality of the emergence of ‘dirty money power’ in the country. A 2018 study reveals that the share of Pakistani drug cartels in the total world drug trade was not less than US$2 billion a year. It has now reached the level of US$ 5 billion, if not more. A trade that started in the late 1970s has achieved this unbelievable proportion in five decades and so its political connections are understandable—those in power in Pakistan want to make quick bucks, irrespective of legality or illegality of their source.

“In September 2021, then Prime Minister Imran Khan tasked all federal and provincial agencies to present a comprehensive drug awareness and treatment policy by the end of 2021. However, this remained unfinished at the end of Khan’s tenure in April 2022 and no subsequent action has been taken. Th...

Shehbaz Sharif condemned the disparity where the elite live lavishly while the salaried class is burdened with taxes. Ho...
20/06/2024

Shehbaz Sharif condemned the disparity where the elite live lavishly while the salaried class is burdened with taxes. However, the prime minister apparently ignored how his finance minister burdened the salaried class in the current budget 2024. Unfortunately, the new Finance Minister has once again turned to taxing those who are already burdened with taxes. Despite claims to reduce the load on heavily taxed segments, this has proven to be mere rhetoric, as they have opted for the conventional method of squeezing the already taxed community.

In a country where the tenure of the Prime Minister is marred by uncertainty with each passing dawn, his recent address to the nation ignited a sense of anticipation and determination. Amidst the intricate web of fiscal negotiations, he boldly proclaimed that the forthcoming program of the Internati...

There is a general tendency to blame destiny for all our woes. Whenever a tragedy strikes, destiny is cursed with someti...
08/06/2024

There is a general tendency to blame destiny for all our woes. Whenever a tragedy strikes, destiny is cursed with sometimes an out-of-control uproar that is incapable of being pacified. The very idea that some are born with a silver spoon or lead an apparently fulfilled life or hardly seem to have problems, springs from their having good fortunes compared to the so-called children of a lesser god. Not only in financial terms, but also with respect to relationships and emotional well-being, all are mostly attributed to one’s fate.

What everyone needs to truly understand is that no matter what the circumstances may be, there is always the possibility to turn adversity into prosperity

Weak enforcement that includes incompetence and corruption is the real malady of our tax system. Tax codes are mindlessl...
07/06/2024

Weak enforcement that includes incompetence and corruption is the real malady of our tax system. Tax codes are mindlessly amended each year through Finance Bills, federal and provincial and in between, by way of SROs. The solution lies in complete re-engineering of the system, automation and digitisation [roadmap is given in ‘Towards flat, low-rate broad and predictable taxes’, revised and expanded edition 2020, PRIME, Islamabad], being deferred year after year in the name of short-term compulsions and IMF conditions!

On the eve of another ritual exercise of announcing federal budget, official date has yet to be finalised, expected...

Location of our new office:Huzaima & Ikram 155 Irtaza Road,Block G 3Johar TownLahore, Pakistan
06/06/2024

Location of our new office:
Huzaima & Ikram
155 Irtaza Road,
Block G 3
Johar Town
Lahore, Pakistan

Find local businesses, view maps and get driving directions in Google Maps.

Despite initiating its digital transformation journey over a decade and a half ago, Pakistan still lags in fully realisi...
04/06/2024

Despite initiating its digital transformation journey over a decade and a half ago, Pakistan still lags in fully realising the benefits of e-governance. The anticipated dividends from this transformation remain largely unrealised, as the basic element of integration is still lacking. Businesses and citizens continue to navigate complex processes to accomplish their tasks, leading to disruptions in overall efficiency and delays in resolving complaints. It is imperative for the government to embrace technology wholeheartedly, ensuring timely adoption and implementation across all ministries and departments at the federal level.

The rapid progression of technology has intensely reshaped the global structure, revolutionising the ways in which we work, communicate, and live. From the integration of artificial intelligence in everyday tasks to the ubiquitous presence of smartphones, technological innovations are driving unprec...

A daunting challenge ahead for the government is to reduce the fiscal deficit, which was 7.7 percent of the GDP for the ...
02/06/2024

A daunting challenge ahead for the government is to reduce the fiscal deficit, which was 7.7 percent of the GDP for the fiscal year 2023-24 and is expected to further widen this year. The upcoming budget will reveal the government’s strategy to reduce the burgeoning budget deficit, whether through effective revenue generation measures or by cutting wasteful expenditure or reducing crucial development expenditure. Balancing these priorities will be critical in determining the country’s economic trajectory.

Reducing the fiscal deficit is not just a matter of economic policy; it is a necessity to ensure long-term financial stability

قومی سطح پر وسائل کے حصول کے لئے وفاق اور صوبوں کی ملکیتی شہری زمینیں، جن پر ریاستی اشرافیہ کا غیر پیداواری قبضہ ہے، صنع...
31/05/2024

قومی سطح پر وسائل کے حصول کے لئے وفاق اور صوبوں کی ملکیتی شہری زمینیں، جن پر ریاستی اشرافیہ کا غیر پیداواری قبضہ ہے، صنعتی، کاروباری اور تجارتی منصوبوں کے لیے لیز پر دی جائیں تو خاطر خواہ رقوم حاصل ہو سکتی ہیں۔ اس کے علاوہ عوامی نیلامی کے وقت 10 فیصد مکمل اور حتمی انکم ٹیکس جمع کیا جائے تو صرف یہ رقم اربوں میں ہو گی۔ اس کے بعد ان زمینوں پر مختلف ہاؤسنگ اور کمرشل پروجیکٹس کی ترقی اور تعمیر پر ایف بی آر اور صوبائی ٹیکس محکموں کو براہ راست اور بالواسطہ دونوں طرح کے ٹیکسز حاصل ہوں گے۔ ان منصوبوں سے تیز رفتار اقتصادی ترقی میں سہولت ہو گی اور روزگار کے لیے بہت سے مواقع کھل جائیں گے۔

تجویز کردہ ان اقدامات سے کم از کم 9000 بلین روپے کی اضافی ٹیکس آمدنی وفاقی اور صوبائی سطح پر ممکن ہے، جس سے ٹیکس ٹو جی ڈی پی کے تناسب میں خاطر خواہ بہتری ہو گی

Address

Lahore

Opening Hours

Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00

Telephone

+924237323247

Website

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