Increasing tax revenues has proven to be a significant challenge for recent Pakistani governments. The stagnation of the tax to GDP ratio to around 10 percent has widely been attributed to a host of inter-connected factors including weak enforcement, fragmented revenue administrations, low compliance by taxpayers, generous and distortionary exemptions and concessions to entire sectors of the economy and narrow tax bases.
Islamic Finance is a doctrine of finance which is based on the Shariah (Islamic Law) principles. Shariah principles can be summarised briefly within the following guidelines: Riba is not allowed. Riba is the doctrine of unjust gains in trade or business. In finance, interest is regarded as Riba because money is not tangible, and charging […]