State of confusion: Excise dept stumped by vehicle tax hike

[I.R.A]

Aap Kya kehtay Hain ganja biradran aur Zardari ka wapas Lana chahiye

Han zaroor recover karo in say paisay ......... par in kay sath uss waqt jo judge, jarnail, bureaucracy, civil services, MPA, MNA, Senator mulk ko loot rahay thay un say b wapis lo. Yeh akailay to kha nai sktay to baki sab ka ehtisab kab ho ga aur paisa kab wapis milay ga?

 

[B.K.N]

Han zaroor recover karo in say paisay ......... par in kay sath uss waqt jo judge, jarnail, bureaucracy, civil services, MPA, MNA, Senator mulk ko loot rahay thay un say b wapis lo. Yeh akailay to kha nai sktay to baki sab ka ehtisab kab ho ga aur paisa kab wapis milay ga?

To aap ka Matlab un sa injustice horaha yeh judge jernail wali dalail pakkay jiyalas aur noonie detay hain
paisay lo ya nahi hamain farq nahi parta lekin yeh criminal hain aur inko Puri family samait saza milni chahiye bas

 

[I.R.A]

To aap ka Matlab un sa injustice horaha yeh judge jernail wali dalail pakkay jiyalas aur noonie detay hain

Tum dancing tabdeeli razakaro ka yehi masla hy, poori bat samjnay say kasir ho, na akal hy na fehm. Tum logo ki subah "noonie ho ga" say shuru hoti hy "paka jiyala ho ga" pay raat hoti hy.

 

[B.K.N]

Tum dancing tabdeeli razakaro ka yehi masla hy, poori bat samjnay say kasir ho, na akal hy na fehm. Tum logo ki subah "noonie ho ga" say shuru hoti hy "paka jiyala ho ga" pay raat hoti hy.

Aajkal Pakistan main sab itna acha horaha aik keh kbhi mujhay lagta hai khawab dekh rha hon
khair chor tabbaron ka ehtisab abhi shura hua hai
aik jernail ko Umar qaid hui hai
aur judges ka khilaf case chal rahay hain

 

[I.R.A]

Aajkal Pakistan main sab itna acha horaha aik keh kbhi mujhay lagta hai khawab dekh rha hon
khair chor tabbaron ka ehtisab abhi shura hua hai
aik jernail ko Umar qaid hui hai
aur judges ka khilaf case chal rahay hain

Theak hy bai hum sab to mujnoo hain. Ainway he beech chohrahay apnay kapray pharnay ka shok hy humay.

 

[Sine Nomine]

@I.R.A bahi youthiyo ko samjhana bhe patwariyo aur jiyaloo jesa hai,don't under estimate their stupidity at the end of day,wo bhe kisi siastadan kai kai poojari hain aur yeah bhee.

 

[B.K.N]

Theak hy bai hum sab to mujnoo hain. Ainway he beech chohrahay apnay kapray pharnay ka shok hy humay.

Beech chorahay par bharo ya tower par charh Ka aap ki Marzi

at the end of day,wo bhe kisi siastadan kai kai poojari hain aur yeah bhee.

There is a difference we are a pujjaris of an imandar politician not some chor

 

[I.R.A]

Beech chorahay par bharo ya tower par charh Ka aap ki Marzi

Uss pay tax to nai laga do gay na.

There is a difference we are a pujjaris of an imandar politician not some chor

Mujay tayri sinf pay paka shak hy.

 

[Sine Nomine]

There is a difference we are a pujjaris of an imandar politician not some chor

Jub Wazr e Azam baimaan hota hai tou Dollar ouper jata hai

Once a great PTI leader said that.

 

[Sugarcane]

This is a bad idea because:

- Central bank makes profit selling currency notes. The higher the face value the more profit it makes. Central bank profits go to the govt. so this will reduce govt. non tax revenue.

- People will park their money in dollars instead. This will lead to further depreciation of the pak rupee.

Regarding prize bonds the recent crackdown on them has also led to dollarization. The govt. shot itself in the foot doing this.

1. Central bank don't earn by selling paper notes where it will make more profit if face value is higher. Central Banks print currency and buy government bonds/debts with it and earn interest on these bonds/debts, or loan it to commercial banks. So, Instead of printing currency notes of 500, 1000 and 5000 - same can be achieved by printing 5000, 10000, 50000, 100000 etc. exchange notes which should be used by commercial banks only for inter-bank settlements and movement of these exchange notes between bank should be tracked. In this way, we will get ride of cash hording, fake currency notes and there will not be any benefit for robbers to loot these exchange notes as these will be useless for them.

2. There should be blanket ban on selling hard Forex, Cash Forex should be allowed only on airports after check-in to travelers only. Hording hard foreign currency should be made criminal offence, there are lot other avenues for investment, why earning profits at cost of country's economy should be allowed?

3. For killing cash, we must first work on electronic payments on war footing basis. Make digital payments available and cheap, we have to make card swipe terminal duty free (even subsidies them), incentive to telecoms who provide 4g coverage all across Pakistan within certain period, make 4g data services of swipe terminals tax free, force banks to open bank account without any minimum balance limit etc. Once we base is ready than discontinuation of higher denomination notes should be surprise act and people should have only option to deposit these notes in to their bank accounts within few days times.

 

[B.K.N]

Uss pay tax to nai laga do gay na.

Be fikar rahain Imran Khan itna bhi sangdil nahi Nawaz ya Zardari hotay to phir bhi tha

Mujay tayri sinf pay paka shak hy.

Please elaborate above sentence

Jub Wazr e Azam baimaan hota hai tou Dollar ouper jata hai

Ya sabqa wuzra e Azam ki kartoton ki badoulat ho Raha ha

 

[Abdussamad]

1. Central bank don't earn by selling paper notes where it will make more profit if face value is higher.

Yes they do. A 100 rupee note doesn't cost a 100 rupees to print. A thousand rupee note doesn't cost a thousand rupees to print. This is basic economics.

Central Banks print currency and buy government bonds/debts with it and earn interest on these bonds/debts, or loan it to commercial banks. So, Instead of printing currency notes of 500, 1000 and 5000 - same can be achieved by printing 5000, 10000, 50000, 100000 etc. exchange notes which should be used by commercial banks only for inter-bank settlements and movement of these exchange notes between bank should be tracked. In this way, we will get ride of cash hording, fake currency notes and there will not be any benefit for robbers to loot these exchange notes as these will be useless for them.

That happens electronically. They have no need for physical tokens.

2. There should be blanket ban on selling hard Forex, Cash Forex should be allowed only on airports after check-in to travelers only. Hording hard foreign currency should be made criminal offence, there are lot other avenues for investment, why earning profits at cost of country's economy should be allowed?

Government doesn't have the capacity to enact such a ban. Due to poor law enforcement any such ban will be openly flouted. What will happen is that people will do their foreign exchange dealings in the black market away from the purview of the state. So the government will lose even more control.

Also I disagree with the idea that hoarding foreign currency is bad for the economy. It is in fact good for the economy. Rupees are losing their value so people buy forex to preserve their wealth. This leads to rupee depreciation which helps exporters and makes imports expensive thereby reducing our trade deficit.

3. For killing cash, we must first work on electronic payments on war footing basis. Make digital payments available and cheap, we have to make card swipe terminal duty free (even subsidies them), incentive to telecoms who provide 4g coverage all across Pakistan within certain period, make 4g data services of swipe terminals tax free, force banks to open bank account without any minimum balance limit etc. Once we base is ready than discontinuation of higher denomination notes should be surprise act and people should have only option to deposit these notes in to their bank accounts within few days times.

Unfortunately foreign origin KYC rules don't permit this. In fact your recommendation of banning of prize bonds is an example of that. By making it harder for people to open accounts or keep money in government instruments you encourage them to resort to using cash. The country has the lowest financial penetration rate in the world and FATF rules will only worsen this situation. The fact that people are now being questioned about their bank account usage is also encouraging people to cash out. For example the FBR is going after anyone with 5 lacs or more in their bank account.

 

[Sine Nomine]

Ya sabqa wuzra e Azam ki kartoton ki badoulat ho Raha ha

Kab tuk yeah dialogue chaley ga?

 

[B.K.N]

Kab tuk yeah dialogue chaley ga?

70 saal ki baat hai koi 70 din ki nahi
25 ya 30 saal to lagain ga

 

[Sugarcane]

Yes they do. A 100 rupee note doesn't cost a 100 rupees to print. A thousand rupee note doesn't cost a thousand rupees to print. This is basic economics.

Dude, You have to learn basics of money creation and how central banks work, bank note is not comic book where you minus the cost of production from sales price to calculate profit, if money creation would have been working this way than governments would have been installing printing presses instead of taxing people for revenues.

That happens electronically. They have no need for physical tokens.

Please do some research on how commercial bank operates. Every cent in banks is backed by physical currency.

Government doesn't have the capacity to enact such a ban. Due to poor law enforcement any such ban will be openly flouted. What will happen is that people will do their foreign exchange dealings in the black market away from the purview of the state. So the government will lose even more control.

People are already doing off book transactions and state already have no control over it, if it had then by now they would have data of people converting horded cash to dollars. When money changers are not allowed to sell cash forex and made to record CNIC/NTN of sellers and report, they will actually become under control of state. Add that in absence of higher denomination notes, it will be impractical for doing big transaction in cash.

Also I disagree with the idea that hoarding foreign currency is bad for the economy. It is in fact good for the economy. Rupees are losing their value so people buy forex to preserve their wealth. This leads to rupee depreciation which helps exporters and makes imports expensive thereby reducing our trade deficit.

Hording of anything is bad for economy that's why it isn't allowed as per Islamic principles, Ask any good scholar about it. People piling up dollars under their beds is no way going to benefit the economy, it will only create artificial shortage, put PKR under unneeded pressure and will effect everyone in country. However if people are keeping their forex in banks (that also within certain limits) than negative impact can be minimized. To reduce trade deficit, simply raise duties on non-essential items and stop smuggling, you don't need to hord dollars and create mess to reduce imports.

Unfortunately foreign origin KYC rules don't permit this. In fact your recommendation of banning of prize bonds is an example of that. By making it harder for people to open accounts or keep money in government instruments you encourage them to resort to using cash. The country has the lowest financial penetration rate in the world and FATF rules will only worsen this situation. The fact that people are now being questioned about their bank account usage is also encouraging people to cash out. For example the FBR is going after anyone with 5 lacs or more in their bank account.

Opening bank accounts should be easy, people should be forced to have bank accounts by discontinuing bank notes over 100, FBR should go after people who have high bank balances or turnovers but not filing returns, that's the starting point to find tax evaders.