Loud Thinking

Archive for the ‘Daily Quote’ Category

If India can fetch 34 billion dollars in 2013, Pakistan in 2018 can also easily get $ 20 billion, by this scheme in which even foreign banks give loans at 1% to expatriates for investing in home country, at much higher rates.

If India can do it in 2013 why can’t State Bank of Pakistan lure inflows of billions of dollars through discounted foreign-currency swaps or IMF is the only panacea for our economic woes?

In 2013, the Indian central bank lured inflows of about $34 billion through discounted foreign-currency swaps, helping lift the
rupee from a record low.

Link:- https://m.timesofindia.com/business/india-business/worried-about-rupee-government-mulls-tapping-nris/articleshow/65753431.cms

Syed Nayyar Uddin Ahmad
03219402157
Lahore.

FCNR swap deal: What it means for NRIs

Recently the Reserve Bank of India (RBI) announced several measures to stabilize the Indian
rupee against the US dollar. Among them was a swap deal on FCNR deposits where the RBI has opened a window to the banks to swap fresh FCNR dollar funds, mobilised for a minimum term of three years at a fixed rate of 3.5% per annum for the tenor of the deposit. The swap window will be open until November 30, 2013.
What does this mean and will it impact Non Resident Indians investing in FCNR (B) deposits? We find out.
What is an FCNR account?
An FCNR account is a term deposit account that can be maintained by NRIs and PIOs in foreign currency. This account can be a good option for Non Resident Indians (NRIs) looking to invest in India without worrying about currency risks.
The funds in an FCNR account must necessarily come from your overseas funds. FCNR deposits can be maintained in ‘permitted currency’ which means any a foreign currency which is freely convertible and includes US dollar, Pound Sterling (GBP), Euro, Japanese Yen, Australian dollar, Canadian dollar, Danish Krone, Swiss Frank and Swedish Krona among others.
What are the features of FCNR accounts?

You can open an FCNR account for a minimum term of 1 year and maximum term of 5 years. The interest rates vary between terms and from currency to currency. Rates may also vary between banks. For instance, the rate for a 1 year FCNR deposit in US dollar would be in the range of 3-4% while the same for a deposit in Australian dollar would be 6-7%.
This interest is tax free in India. However, you may be subject to tax in the country of your residence for such interest.
Balances in FCNR can be freely repatriated outside India. You can also use the balance in FCNR account for making local payments in India.
How do banks manage FCNR funds?
Banks raise FCNR funds in various foreign currencies. They then sell the foreign currency in exchange for Indian rupees at the prevailing exchange rate and use the Indian rupees for domestic lending. When the FCNR deposit becomes due for maturity, banks would need foreign currency to pay the depositor. Waiting until the date of maturity to purchase foreign currency would leave the bank open to exchange rate risk. In order to protect this risk, banks hedge their FCNR commitments by entering into forward contracts. To explain with an example, if an FCNR deposit was opened today for a term of 1 year, the bank would enter into a forward contract to buy the foreign currency after a year at a fixed exchange rate. Currently the forward rate is at a premium of around 7% per annum. That means, if the exchange rate today is Rs 65 per dollar, banks would enter into a forward contract to buy the dollar at Rs 69.55 per dollar. This way, the bank hedges any uncertainty arising out of exchange rate risk.
What is the FCNR swap deal?

The swap deal was introduced as a means to encourage banks to attract more US dollars into India. The RBI has promised banks a forward rate at a premium of 3.5% per annum for all fresh 3-year FCNR deposits raised between now and November 30, 2013. So instead of hedging at the rate of 7% per annum, banks are getting this swap deal at 3.5% per annum. This acts as an incentive for banks to raise fresh FCNR funds as it lowers the cost of hedging.
This swap deal is open until November 30, 2013 and only for deposits opened in US dollar for a period of over 3 years.
Will this benefit NRIs?

NRIs are likely to be swarmed with offers from banks to open FCNR deposits. For an NRI, the FCNR deposit itself can be an attractive proposition because the interest rates on US dollar deposits are in the range of 3-4% per annum as compared with rates as low as 1% in the US. Further, this interest is tax free in India and there is no currency risk.
The swap deal may not necessarily impact NRIs directly unless banks decide to share their gains and increase the interest rates on these deposits.
However, according to reports, what is happening is that foreign banks are rushing to lend funds to NRIs who can invest the money into FCNR deposits. For instance, an NRI would invest $100 of his own funds and borrow $400 from the US branch of his bank. The interest rate on the loan would be say 1%. The NRI would then open an FCNR account in the Indian branch of the bank and earn interest of 4%. At the end of year 1, he would make a total interest of 4% on his own funds of $100 and a net interest of 3% on the borrowed funds of $400. That makes a total interest of $16 or 16% of the original investment. For banks too, this is a win-win as their loan gets covered by the FCNR deposit and they get access to funds at a lower cost.

Link:- FCNR swap deal: What it means for NRIs – Times of India https://timesofindia.indiatimes.com/nri/other-news/FCNR-swap-deal-What-it-means-for-NRIs/articleshow/23309748.cms

Syed Nayyar Uddin Ahmad
03219402157
Lahore.

Subject:-Credibility of any statesman and leader is the most priceless asset, which must never be compromised under any circumstances.

Dear Mr. Imran Khan Sahab.

AoA.

Sir,

Mr. Muhammad Zubair ex. Governor Sindh tonight offered in the ARY News program titled “Power Play” that he can arrange for PTI government, deferment of IMF’s loan repayments for one year.

In this regard, your kind attention is invited towards my proposal (emailed on 10 October 2018) for seeking moratorium on payment of loan instalments from IMF titled “Mr. Prime Minister we have seven other options to avoid IMF loan” posted on 14 October 2018 at www.snayyar.com
link:-

All round confusion in government – Sure recipe for defeat

The details of the one of the seven options to avoid IMF loans are quoted as below:

Quote:

“1 (a). Pakistan was economically devastated in fighting the American/NATO imposed War on Terror (as a front line State) suffering over $ one trillion losses in the shape of losses of human lives, financial and opportunity costs and damages to its goodwill and infrastructure; one example of which is that during this period Bangladesh moved ahead in education, family planning (1% population growth) and exports (45 billion USD/ year) which consisted mainly of textiles, by getting competitive edge over our textile industry, with zero percent tax for BD produced textile items (in developed countries) like towels and bedsheets etc., while Pakistani textiles were charged 20% tax, resultantly our products became uncompetitive and exports reduced from 25 billion USD to 20 billion USD per year.
1(b). In view of the foregoing, rather than going for borrowing from IMF we should seek (with diplomatic help as well) a moratorium on repayment of loans for five years and side by side implement the following scheme, to build up our foreign exchange reserves, so that economic crisis could be overcome with some out of box thinking to tackle the economic crisis from both supply and demand sides:” Unquote.

In this regard, when your government officials sings the mantra in unison that government has no other option except to resort for loans from the IMF, it leaves an adverse impression that government has decided for not to explore any other available option (which are many) and all the anti-poor pre-conditions of loans from the IMF will be accepted, without any hesitation, considering it, as the most easy option, leaving the poor in the lurch.

As such, necessary orders may be issued to all the concerned in the Finance Ministry to submit you a detailed report, why all other available options were not explored, before deciding to accept the loans from the IMF, which torpedoed your stated policy of never seeking loans from the IMF.

Credibility of any statesman and leader is the most priceless asset, which must never be compromised, under any circumstances.

Best Regards,

Syed Nayyar Uddin Ahmad

Dear Mr. Imran Khan Sahab

AoA.

Sir,

We take this opportunity to wish you all the success in your forthcoming visit to China.

In this regard, it is suggested that in order to bring Chinese investments in agricultural sector in Pakistan, your government may decide to immediately form a subsidiary company under Zarai Taraqiati Bank of Pakistan, with main task of funding, assisting and collaborating Research and Training with Agricultural Universities and Agricultural Research Institutes of Pakistan, to take Pakistan from primitive agricultural practices to the modern agricultural levels, for bringing a revolution in the country; which according to Mr. Asif Sharif [ I call him Pakistani Steve Jobs & a priceless genius of Pakistan] who is a world renowned, highly experienced & qualified Pakistani expert in modern agricultural practices, has the authentic potential to generate (within 2-3 years) an exportable agricultural produce surplus of over $20 billions. Few examples of which (according to Mr. Asif Sharif) are given as below.

~ We can produce sugarcane free of cost by multi cropping. Wheat covers the entire cost and sugarcane is totally free.

~ Production cost of wheat is Rs.950/40 kg, adding overheads, it costs Rs.1700. International price is less than Rs.800. Only in Sindh, we have 1.7 million tons wheat piled up since many years, rotting outside. On top of that it doesn’t meet international quality standards.
We can produce certified quality wheat at less than Rs. 100/40 Kg., instead of Rs.1700/40 Kg.

~ Over 70% water savings even on rice crop. Traditionally 5,000 to 7,000 litres of water (huge usage of already scarce water) is used to produce 1 kg repeat 1 Kg of rice.

In my humble opinion, Mr. Asif Sharif may also be included in your team of experts or appointed CEO (as he possesses vast corporate experience of multinational companies with travel experience of around 100 countries) of the proposed subsidiary of the ZTBL, which also has the potential to generate about 5 million jobs in the above referred agricultural revolution.

Mr. Asif Sharif and Dr. Ikram ul Haq, who is a world renowned Pakistani expert in Taxation and Law having tangible/solid contacts in Chinese Party circles as well, and can lure their businessmen for investment in agricultural sector in Pakistan, may also be included in your official entourage for visit to China.

Best Regards,

Syed Nayyar Uddin Ahmad

Mr. Prime Minster we have at least seven other options to avoid IMF loan..!

“ae tair-e-lahoti us rizq se mout achi – jis rizq se aati ho parwaz me kotahi”

Dear Mr. Imran Khan Sahab,

AoA.

Sir,

Tonight almost entire TV news channels of Pakistan were constantly playing your different speeches of few months back, wherein, you can be heard giving rock solid commitment to the nation that you will never go begging to the IMF for loans; and that a leader never lies with his public; obviously for the reasons which must have been in your knowledge about the research which concluded that suicide rates increased in the country’s which got loans from the World Bank and the IMF. In my opinion this phenomenon may have been occurring due to the reasons of higher unemployments created by the induced privatisations sans availability of any social support net work, increase in prices of items of daily use due to the devaluation of the currency and depression created because of the increase in utility rates and discontinuation of subsides, which are the fundamental demands of the loan giving agencies, to the already economically devastated and bankrupt countries.

Sir, if I were the PM and my economic managers would have suggested for resorting to IMF for a loan with strings of privatisations, massive devaluation of the currency, as happened with Pakistan on Tuesday 9 October 2018, when suddenly in the morning parity of PKR with USD took a dip to 137 from 125 (which according to one of your own speeches further burdened Pakistan with about $10 billion for just seeking a loan of $6-8 billion), increase in utility rates and removal of subsidies etc., I would have immediately replaced my entire team with such economic professionals, who could empathise with the pains and miseries of the teeming millions and had abilities to find alternative ways to meet the financial requirements of the country, which in my views are many, as explained below:

1 (a). Pakistan was economically devastated in fighting the American/NATO imposed War on Terror (as a front line State) suffering over $ one trillion losses in the shape of losses of human lives, financial and opportunity costs and damages to its goodwill and infrastructure; one example of which is that during this period Bangladesh moved ahead in education, family planning (1% population growth) and exports (45 billion USD/ year) which consisted mainly of textiles, by getting competitive edge over our textile industry, with zero percent tax for BD produced textile items (in developed countries) like towels and bedsheets etc., while Pakistani textiles were charged 20% tax, resultantly our products became uncompetitive and exports reduced from 25 billion USD to 20 billion USD per year.

1(b). In view of the foregoing, rather than going for borrowing from IMF we should seek (with diplomatic help as well) a moratorium on repayment of loans for five years and side by side implement the following scheme, to build up our foreign exchange reserves, so that economic crisis could be overcome with some out of box thinking to tackle the economic crisis from both supply and demand sides:

1(C). Immediate launching of a scheme for payment of 3% to 5% PA profit (payable bi-annually) on Foreign Currency bank deposits in Pakistan (backed by the sovereign guarantee of the GoP) with a suitable, but attractive fixed period, as suggested below:

~3% PA profit on deposits up to 2 million USD.

~3.5% Profit on deposits over 2 million USD and up to 3 million USD.

~4% profit on deposits over 3 million USD and up to 4 million USD.

~4.5% profit on deposits over 4 million USD and up to 5 million USD.

~5% profit on deposits over 5 million USD.

~The profits on the above scheme should be payable in the USD and should be exempted from ALL taxes and other deductions, as is also the case with Euro and Sukook Bonds, issued by the GoP.

This is a fool proof scheme, sans any risk, [if at all if fails, government will bear no loss] which can boost up our foreign reserves, in a very short time, on extremely cheap rates, as compared to the foreign loans and international bonds, which were sold by the previous government of PMLN, at even 8.25% interest rates: plus undisclosed Tax Exemptions of at least minimum benefits of around 7% (Pakistan will be repaying USD 910 million for USD 500 million Euro Bonds) for which the then PM Mian Nawaz Sharif was requested to hold an inquiry, to fix the responsibility of the culprit(s), who allowed the sale of Euro Bonds, on such a criminally high interest rates.

2. May approach REBO Bank and IDB which offer funding at extremely low interest rates of 1% and 2% respectively. Here it must be remembered that although, IMF needs 0.9% interest to cover expenses on loans, yet, harsh conditions it charged 3% interest to Pakistan on its last loan to Pakistan.

3. May have tried to get funds from the Asian Infrastructure Investment Bank (AIIB), which is operated from Beijing, China.

4. May consider pledging gold with China or any suitable country for obtaining loan against gold, as India did in July 1991, when Reserve Bank of India pledged 46.91 tonnes of gold with the Bank of England and the Bank of Japan to raise $400 million.

5. As detailed proposal has already been submitted to you vide emails titled “Suggestions to recover Pakistani wealth stashed abroad” link:- https://www.snayyar.com/suggestions-to-recover-pakistani-wealth-stashed-abroad.html#sthash.mBhTyTki.dpbs

6. Billions of USD can be easily generated by selling the government lands recently taken back from the encroachers or the government may consider selling the prime properties of President House, vast chunks from the hundreds of Kanals of PM House, the Governor House Lahore or the Prime value land of GOR-1 in Lahore, where in a suitable area, a luxurious world class residential tower can be built, for the residence of the government officers.

Sir, concluding, I would strongly stress that before giving the go ahead for getting strings attached IMF loans, just ponder for a moment that the voters have given their mandate to you, reposing their full trust in your promise that Imran Khan will never lie with his supporters.

May you always have the Blessings of Allah (SWT) to serve Pakistan for a long time to come.

Best Regards,

Syed Nayyar Uddin Ahmad

Subject:-Suggestions to recover Pakistani wealth stashed abroad

Dear Mr. Imran Khan Sahab.

AoA.

Sir,

This in continuation of our trailing emails of 29 August 2018 on the subject mentioned above.

We can bring savings of expatriate Pakistanis back to provide them dollar denominated saving instruments; perhaps bearer in nature, or no questions asked.

Say our current euro bonds are junk rated and trading at a discount rate of 8% or more, but not accessible to local populace or retail customers abroad; mostly institutional.

Just give a local bond at 5% to any and everyone interested, which is far more than any such rates in the world, hence, you glean in pakistani money from our diaspora, as well as, locals.

The caveat is no questioned asked to the source of money.

Best Regards,

Hamesh Khan S. Nayyar Uddin

Dated 29 August 2018
Dear Mr. Imran Khan,

AoA.

Sir,

Please refer to our trailing email dated 29 August 2018 on the subject mentioned above.

In this connection, Mr. Hamesh Khan and myself would like to further add the following:

The main difference between our proposed amnesty scheme and the recently floated amnesty scheme which expired on 31 July 2018 (wherein it was not mandatory to bring the foreign Pakistani wealth into Pakistan) is that we have proposed that any relief of whitening the Pakistani wealth stashed abroad, with payment of tax equal to the 2 to 10% of the total amount, will only be permitted, if, that total amount is transferred back to Pakistan.

The bigger impact of our proposed amnesty scheme relates to physical repatriation of funds stashed abroad to Pakistan, which will reflect as investment into the economy.

Tax regime of 2 to 10% will be a pittance compared with physical fusion of money.

In many a recessionary time, pumping money by the central bank is the panacea of all economic woes.

Investment and resultant Productivity invariably spurs Economic Growth.
Investment is a central factor in determining the gross domestic product, which is the aggregate measure of a country’s economic output.

As societies invest more, they increase their capacity to produce more goods and services at lower costs, meaning greater productivity and economic growth.

Investment, in short, drives increases in productivity and growth.
Economists define investment as spending on inventories, structures and capital, defined as equipment used for producing goods and services.

Investment fuels rises in productivity.
Because investment is a component of GDP, increasing investment can fuel economic growth as measured by annual increases in GDP.

Investment and economic growth rate data for various countries over a period of time, gives a very good insight on economic growth.

Countries with higher rates of investment, such as Japan, South Korea and Singapore, had the highest economic growth rates for extended periods on account of higher investments. These indicate a positive correlation between investment and economic growth.

Hence bringing back money tantamount to savings that gets infused into economy for larger growth.

Best Regards,

Syed Nayyar Uddin Ahmad
03219402157
Lahore.

Sent from my iPhone 7

On 29-Aug-2018, at 12:13 AM, Syed Nayyar Uddin Ahmad wrote:

Dear Mr. Imran Khan,

AoA.

Sir,

This has reference to the following titled news item published by the daily “Express Tribune” of 28 August 2018.

PM seeks suggestions to recover wealth stashed abroad:

Link:-https://tribune.com.pk/story/1789207/1-pm-seeks-suggestions-recover-wealth-stashed-abroad/

The above news item explains the following challenges which may be faced by your Task Force:

– Review of all cases of unlawfully acquired assets pending before the government departments and organisations.

– Review the existing mechanism, international agreements, coordination of government of Pakistan with sovereign governments.

– Work out modalities to fast track recovery of undeclared offshore assets.

– Only legal way to get back the offshore assets was to use the Mutual Legal Assistance (MLA) framework.

– Pakistan has not signed legally binding MLA treaties with key jurisdictions like the United States, the United Kingdom, Canada, the United Arab Emirate and Malaysia.

– There was also lack of enabling domestic MLA law, which will become an obstacle in retrieval of assets.

– There is lack of robust interagency coordination.

– Another challenge that Pakistan will face is that it will have to establish that these were bona fide cases of recovery of assets and these were not politically motivated cases.

– Pakistan will also have to first lodge criminal cases against such individuals in local courts.

In view of the foregoing, there remains no doubt that the job of the Task Force set up to recover unlawfully acquired foreign assets is such that it will involve years of efforts to achieve any success.

As such, it is suggested that a plan B as detailed below, may be simultaneously launched to bring back foreign wealth of Pakistanis by an incentive scheme on the lines of the Indonesian model, which helped Indonesia bring back $366 billion.

In this regard, please note that under the last/latest offshore and domestic tax amnesty scheme, about 5,300 Pakistanis availed the offshore scheme and declared over $8 billion assets. But the repatriation to Pakistan remained less than $70 million.

The below mentioned suggestion is based for an estimated recovery of around 150 billion USD that too without involving any legal or administrative expenses spread over a large period of time.

PROPOSED SCHEME

Bringing back wealth has to be a collaborative process and will not yield results otherwise.

Indonesia which has a similar tax to GDP ratio as ours was able to repatriate US$366 billion through a voluntary amnesty scheme.

The main peg of the scheme was caveat of “no questions asked”.

It was a year long scheme with a varying tax rate of 2 to 10 percent.

Raising revenues through taxation is simply one aspect of revenue raising; the DECLARED MONEY VELOCITY is what spurs the economic expansion with sustainable results.

Policy makers can directly increase revenues by increasing tax rates on the rich, reducing tax breaks, expanding tax base, improving enforcement and levying new progressive tax.

Indirectly increase revenues through policies that increase economic activity, income and wealth.

One key overlooked aspect is fiscal responsibility through spending cuts, belt tightening on establishment cost across the board; but all of the aforementioned can only be achieved through a shared sacrifice psyche of the nation.

Among others, We need to work on savings and investments.

Policies that increase the number of people in work force, number of hours they work, skills, physical and intellectual capital.

Improving economy isn’t an insurmountable challenge, but the political will to push through, with less popular decisions, will test the leadership.

Co-authored by:

Hamesh Khan

Syed Nayyar Uddin Ahmad

Best Regards,

Syed Nayyar Uddin Ahmad
03219402157
Lahore.

Sent from my iPhone 7

Today the main reason for a low/disappointing score of our team was that we played 175 dot balls (29.1 overs) out of 300 balls (50 overs).

In first 10 overs of our innings when only 2 fielders are allowed outside the 30 yards circle, we scored only 28 runs against Indian score of 53 runs.

Test match strategy, planning and mindset can never work in an ODI game, where name of the game is attack, innovation, positive approach in team selection, batting, bowling, fielding and staying one step ahead of the opponent’s game plan and strategy.

Keeping in view that the ODI world cup is almost around the corner, Shoaib Malik should be immediately appointed captain of the Pakistani cricket team for all the three formats; and a power hitter wicket keeper batsman inducted in place of Sarfaraz Ahmad, who unfortunately, seems to have passed his shelf life; and because of his non-performance, the team has also lost its balance.

True to his reputation, Mr. Imran Khan led from the front, on behalf of the sleeping Muslim Ummah to ensure that blasphemous caricatures issue is nipped in the bud.

The greatness of a general not lies in waging and winning the war, but in achieving the objectives, without waging a war.

It is one of the traits of a world level statesman to diffuse any potential crisis, before it blows up into a problem of life and death, for the humanity.

In this regard, the whole world must be thankful and the UN Security Council should pass a resolution of thanks to the proactive leadership of Mr. Imran Khan, in saving it from plunging into a serious challenge of an highly inflammable conflict between followers of different major religions of the world.

Full marks to statesmanship of Mr. Imran Khan, for personally taking the charge to effectively serve the cause of Muslim Ummah.

Mr. Imran Khan rightly deserves the title of Khadim ul Muslameen or Khadim e Islam and also deserves Nobel Peace Prize for a great service towards the cause of interfaith peace and harmony.

Syed Nayyar Uddin Ahmad

Mr. PM every Pakistani is paying tax

Dear Mr. Imran Khan,

AoA.

Sir,

It really hurts when our rulers, ministry of finance bureaucracy and few media persons say our people don’t pay taxes.

Even, in your speech on 20 August 2018 you said that only eight lac people pay taxes, which figure is obviously not correct, because even the number of tax filers are above one million. Yet, again in your senate speech of 27 August 2018 the media reports about you saying that we are also among countries that pay the least amount of tax.

However, the fact is that each and every item except AIR is taxed in Pakistan, which means that entire population of about 22 Crore pays tax in our country. Yes, certain VIP’s receive tax free salaries and also the Independent Power Producers (IPP’s) are allowed tax free income in Pakistan.

Just one example will explain my view point that there are over 12 Crore cell phone users in Pakistan; and each one of them pay tax while using the cell phone. The irony is that this WHT paid by the cell phone users in hundreds of billions of Rupees becomes the income of the TELCOS; as they seldom deposit this huge tax collection with the government.

Even today it was reported by the media that one Airline company has not paid to the government Rs.130 Crore tax it collected from the traveling public and CAA has suggested to put the name of its owners on the ECL.

Sir, since the With Holding Tax was imposed in Pakistan, it caused two way negative impact on the economy. Firstly, it enhanced the prices of almost every item in Pakistan and secondly, it opened huge vistas of corruption for the traders/businessmen/industrialists and bureaucracy in the country.

Now, it is said that our tax to GDP ratio is around 10-12 percent, which is the lowest in the region and the world, as well.

But the fact is that our black economy is bigger than our white economy, in which our people are paying WHT and bribes etc., which amount is almost double than the current tax collection of about Rs.4000 Crore or $40 billion. If someone wants proof of my this estimate, I will refer to the news item published on 17 April 2018 reporting that the Auditor General of Pakistan (AGP), Javaid Jahangir, has claimed that during the audit year 2017-18 auditors pointed out irregularities amounting to Rs8.276 trillion or about $80 billion in the accounts of the federal government. Link:- https://www.google.com.pk/amp/s/www.dawn.com/news/amp/1402111

If irregularities are almost double than the amount of our budget; the level of corruption or black economy can be easily estimated by even a lay man.

Now, the mother of all the financial corruption and taxation problems in Pakistan is the regime of taxation in which over 85% taxation is INDIRECT and less than 15% taxation is DIRECT, plus the scheme of WHT which can be called as one of the biggest source of corruption in the country. Here please note that corruption can not be made unless and until money is taken out of the pocket (in the name of taxes) of the public.

As such, kindly, instead of blaming the public for not paying the taxes, which in fact, even the dweller of Jhuggi is paying, the issues highlighted above of high indirect taxation, tax relief to the VIP’s and certain industries/businesses etc., and the MASSIVE misuse of WHT should be resolved in an intelligent and smart manner. May be the WHT should be withdrawn, altogether considering that world was a better place to live, before the advent of the WHT.

Best Regards,

Syed Nayyar Uddin Ahmad