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Daily Times May 2, 2021 The provinces must participate in devising a national tax policy and collection apparatus as their share under 7th National Finance (NFC) Award (57.5 percent) is greater than the federal government and it cannot be reduced under Article 160(3A) of the Constitution of the Islamic Republic of Pakistan [“the Constitution”]. Article 156(2) of the Constitution after Constitution (Eighteenth Amendment) Act, 2010, [commonly called “18th Amendment”] requires federalised and not centralised economic planning. It reads: The National Economic Council shall review the over...

Share: Does crime pay? Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall that chronicles the bankers, brokers and financial ne’er-do-wells whose ambition and greed takes them in the wrong direction. In December 1935, F. Donald Coster sat amid the splendor of a luxury Manhattan hotel suite, surrounded by the leaders of the Republican Party. His Washington-connected hosts were eager to evict Franklin D. Roosevelt from the White House and assumed that a prominent and successful business executive like Coster would stand in stark contrast to the borderline-socialist Ne...

A friend recently found some old newspaper clippings from the Ashland Daily Independent that were tucked away in one of her grandmother’s old catalogs. Some of them dated back to 1917 but were in incredibly good shape. She posted many of the clipped-out articles and shared them on Facebook. Flipping through her Facebook post was fascinating and educational, like having a time capsule in front of you. I don’t claim to know everything about Ashland — especially outside the sports arena — but I’ve long been a fan of reading old newspapers via microfilm machines. The wri...

After the 18th Amendment, the right to levy wealth tax and inheritance tax is with the provinces “ ....the debt servicing relief of $ 2.7 billion (equivalent to 1 percent of GDP) provided to Pakistan under the G-20’s Debt Servicing Suspension Initiative will help create expenditure space for Covid-related spending” —State Bank of Pakistan’s Annual Report 2019-20— The State of Pakistan’s Economy The federal and provincial governments of Pakistan Tehreek-i- Insaf (PTI) (asked to support the Centre by showing surplus) have failed to overcome fiscal deficit and resultantly debt burd...

To embed, copy and paste the code into your website or blog: American Rescue Plan Moves Forward. Democrats in Congress are moving ahead with President Joe Biden’s “American Rescue Plan.” As of now—and this is still subject to change, of course—it appears that the U.S. House of Representatives’ budget and rules committees will both weigh in on the legislation early next week before sending the bill to the House floor toward the end of the week. At the Buzz, we are keeping an eye on the proposed $15 minimum wage and multiemployer pension fix provisions to see if they make it into t...