GDP is not going down, No Slow Growth in PAKISTAN Says Chairman FBR Shabbar Zaidi

[Shahzaz ud din]

GDP is not going down, No Slow Growth in PAKISTAN Says Chairman FBR Shabbar Zaidi

 

[Mrc]

He is

GDP is not going down, No Slow Growth in PAKISTAN Says Chairman FBR Shabbar Zaidi

He is right...

Even large brands in Pakistan don't declare their sale honestly... More than 50 %economy is undocumented

 

[Sidacca]

This Man Is capable of doing alot...... father of Pwc not a joke..... Wish you best of luck Sir

 

[I.R.A]

Come June and we will see if he can manage to collect the extra 75 bln without squeezing the salaried class. Hopefully he gets most of the undocumented economy declared and documented. Its not an easy task, it involves lot of educating the people and changing the way they think. Just imagine Shabar Zaidi having discussion with a Kabaria from FATA.

father of Pwc not a joke..

He is not father of PWC ..... ????????????

 

[CrazyZ]

We need 10% growth. Boost exports, invest in energy and transportation.

 

[Yaseen1]

why he not said the same before he was appointed as chairman fbr ,at that time he was talking about bad economic conditions which creates doubts on his claims and when interest rates are high growth will decline as it is expensive to borrow money and fund new businesses

 

[Abdussamad]

So he's following the PTI practice of lying about the economy. I think this dawn article summarizes the problem nicely:

The situation on the ground is almost red hot now. You cannot spin inflation, and you cannot plug macroeconomic deficits with emotional appeals. It is true that the government did not create this situation, they inherited it. But it is equally true that at the time when they arrived in power and the deficits were growing, the prime minister was busy talking about the dam fund, making emotional appeals for contributions, and then about distributing chickens among the poor, and ‘recovering looted wealth’ to plug these deficits.

Meanwhile, then finance minister Asad Umar famously declared that the deficits have been plugged on the eve of his departure for Bali where he made the first formal approach to the IMF for a loan. If the deficits were plugged, why was he going to the IMF?

 

[ziaulislam]

This Man Is capable of doing alot...... father of Pwc not a joke..... Wish you best of luck Sir

Its not about capability ..its about support

So he's following the PTI practice of lying about the economy. I think this dawn article summarizes the problem nicely:

Start wuth fact and than spin around it with conjecture ..
This is art of lying..
What does PM doing dam fund raising and popping or spending a day in banigala has to do with economy

First priority was to control current deficit of 1200% more than what led PPPP do 50% devaluation and 23% inflation and almost zero growth, as asad umar puts IMF wanted similar measures, if this is true than IK team did pull off a miracle solving the CAD over a year period while keeping the growth at reasonable pace and inflation at a reasonable single digit level
While tax performance i agree was similar to last 70 years no wonders were done..now will the new boss fail as well..will see but if he fails so does PTI..

But ingrave the 1200% FACT in MIND..or 12 TIMES

In actual figures 24 b$ of projected deficits

 

[Meengla]

I hope the FBR Chairman is correct. I think the current govt's feet is being forcefully drawn to the fire by media, politicians and the general population and so people are working feverishly to correct the wrongs of past decade.

PS. Mr. Zaidi does remind me of India's General Bakshi

 

[ziaulislam]

we will see whether PTI govt fails or not
but i agree with assessment that they failed to fix FBR in 10 months..the key word is 10 months..

the new team wants amnesty because it believes that if amnesty is not done, the shock of forceful confiscation might lead to 1970s situation..though i might disagree but its difference of opinion..however i am glad that they are stating its the last one, and shouldnt definitively be the last one

as FBR chief as always said tax is nothing but documentation, so i hope they move towards cashless economy by using a carrot and stick(for example forcing the retail and hotel sector to accept cash less payments or cancel their permit)

now it cant be VISA/MASTER alone as its too expensive, we need our own payment system just like the Chinese did

 

[nahtanbob]

we will see whether PTI govt fails or not
but i agree with assessment that they failed to fix FBR in 10 months..the key word is 10 months..

the new team wants amnesty because it believes that if amnesty is not done, the shock of forceful confiscation might lead to 1970s situation..though i might disagree but its difference of opinion..however i am glad that they are stating its the last one, and shouldnt definitively be the last one

as FBR chief as always said tax is nothing but documentation, so i hope they move towards cashless economy by using a carrot and stick(for example forcing the retail and hotel sector to accept cash less payments or cancel their permit)

now it cant be VISA/MASTER alone as its too expensive, we need our own payment system just like the Chinese did

What is this forced confiscation ?? it sounds like nationalization packaged in a new terminology

 

[tkmd]

If the economy is doing as good as he says why is the military taking a budget cut?

He has a point about undocumented economy but let's not kid ourselves. It's not as if 100 billion in transactions are being hidden. At most it's a couple billion.

His job is revenue and uprooting the culture of not paying taxes. He has no purview over anything else. He should just say this is not my area and go talk to the finance ministry or PMs office.

 

[ziaulislam]

What is this forced confiscation ?? it sounds like nationalization packaged in a new terminology

pakistan 40% economy is informal to avoid high taxation.
government had two options
1. confiscate that informal economy
2. give amnesty to regularize it with amnesty scheme

If the economy is doing as good as he says why is the military taking a budget cut?

He has a point about undocumented economy but let's not kid ourselves. It's not as if 100 billion in transactions are being hidden. At most it's a couple billion.

His job is revenue and uprooting the culture of not paying taxes. He has no purview over anything else. He should just say this is not my area and go talk to the finance ministry or PMs office.

economy may be good(~4% growth) but fiscal situation is terrible, massive devaluation will help in balancing the books

 

[Turingsage]

pakistan 40% economy is informal to avoid high taxation.
government had two options
1. confiscate that informal economy
2. give amnesty to regularize it with amnesty scheme

This 40% figure is pure unadulterated fiction, The same fiction that promised a fix in 90 days. committing suicide if Pakistan went to the IMF. Hundreds of billions in secret accounts. Oil reserves greater than Saudi in Pakistan. Breaking the begging bowl. Pakistan's launch of the hubble telescope. etc etc.
One could go on and on with the daily fiction being generated by Pakistan's only growth industry. Telling porky pies.
By the way you cannot confiscate the informal economy because by its very nature its hidden and disguised. The size of that economy is pure guesswork. You can say 5% or 55% no one can prove you right or wrong.
The people who are avoiding taxes have accounts with the govt owned SBP and the SBP categorically refuses to disclose the owners of these accounts to the FBR, let alone the value of those accounts.
In other words the State refuses to name the Tax cheats and wants to protect them

 

[ziaulislam]

This 40% figure is pure unadulterated fiction, The same fiction that promised a fix in 90 days. committing suicide if Pakistan went to the IMF. Hundreds of billions in secret accounts. Oil reserves greater than Saudi in Pakistan. Breaking the begging bowl. Pakistan's launch of the hubble telescope. etc etc.
One could go on and on with the daily fiction being generated by Pakistan's only growth industry. Telling porky pies.
By the way you cannot confiscate the informal economy because by its very nature its hidden and disguised. The size of that economy is pure guesswork. You can say 5% or 55% no one can prove you right or wrong.
The people who are avoiding taxes have accounts with the govt owned SBP and the SBP categorically refuses to disclose the owners of these accounts to the FBR, let alone the value of those accounts.
In other words the State refuses to name the Tax cheats and wants to protect them

yes its fiction, this number can range from 10-40%, world bank puts it at 20%
every country GDP accounts for some of this unknown data..so it doesnt mean adding this will increase the size of GDP