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The Federal Board of Revenue (FBR) is the principal tax administration body in Pakistan. It is responsible for formulating, implementing, and enforcing tax laws. The FBR has faced criticism for its inefficiency and corruption, which has hindered tax collection efforts. The FBR operates under the Ministry of Finance and is tasked with:
Neutral fiscal policy is usually undertaken when an economy is in neither a recession nor an expansion. The amount of government deficit spending (the excess not financed by tax revenue ) is roughly the same as it has been on average over time, so no changes to it are occurring that would have an effect on the level of economic activity .
The Ministry of Finance is a cabinet-level ministry of the government of Pakistan that is in charge of government finance, fiscal policy, and financial regulation. A Finance Minister, an executive or cabinet position heads it. The Minister is responsible each year for presenting the federal government's budget to the Parliament of Pakistan.
This concept recognizes that a certain degree of asymmetry is an unavoidable and realistic aspect of fiscal federalism. The term VFI often carries a negative connotation. [ 3 ] It suggests a deviation from an ideal state of fiscal balance, which might not be practically achievable or even desirable in a federal system.
The government forms a budget for the new fiscal year by taking the budget from the previous fiscal year as a base and makes only small changes to it. Top-down approach: The central financial authority (e.g. the Ministry of finance) sets boundaries to the budget and the government completes it. This approach originated in the 1990s as an ...
Federal Board of Revenue (FBR; Urdu: وفاقی آمدنی هيئت) — Peru: Superintendencia Nacional de Aduanas y de Administración Tributaria (Peru ) [sunat.gob.pe/] — Philippines: Bureau of Internal Revenue (BIR; Filipino: Kawanihan ng Rentas Internas) — Poland: National Revenue Administration (Polish: Krajowa Administracja Skarbowa) —
to organize or redirect the flows of money, goods and services, or other assets among corporations, among households, and between corporations and households; in the purpose of social justice, increased efficiency or other aims legitimized by the citizens—examples are the redistribution of national income and wealth, the corporate income tax ...
The National Finance Commission Award or NFC is a series of planned economic programs in Pakistan enacted since 1951. [1] Constituted under the Article 160 of the Constitution, the program was emerged to take control of financial imbalances and equally managed the financial resources to four provinces to meet their expenditure liabilities while alleviating the horizontal fiscal imbalances. [2]