Latest news with #Bakshi
Time of India
4 days ago
- Time of India
Nawab's elephant & Bakshi-ka-Talab
There are certain places whose names are associated with amusing events. The famous Bakshi-ka-Talab, located about 14 km from Lucknow on Lucknow-Sitapur Road, is one such place. Tired of too many ads? go ad free now According to historian Agha Mehdi, Nawab Nasir-ud-din Haidar, the 8th ruler of Awadh, once wanted to purchase an elephant. He chose his trusted man on the post of paymaster, Tripur Chand, for the task. Though he was popular as Lalji, Tripur Chand was referred to as Bakshi Tripur Chand because of the nature of his job. The Nawab gave money to Bakshi Tripur Chand to buy an elephant but strangely he did not turn up in court even after an exceptionally long time. Bakshi's rivals started circulating rumours that Bakshi, tempted by the money, had disappeared. When everyone lost all hopes of his return, Bakshi appeared in court. When Nawab Nasir-ud-din sought explanation for the reason for his long absence and asked about the elephant, Bakshi requested the Nawab to accompany him to see the elephant. As he was one of the confidants of Nasir-ud-din, the curious Nawab went along with him to a place near the city where, pointing towards a 'talab' (pond), Tripur Chand said it was the Nawab's elephant. Nawab was pleased to see that the money meant for purchasing the elephant was not spent by Bakshi for his personal gains but for the welfare of common people who were facing acute water crisis. Bakshi Tripur Chand was honoured and rewarded by the Nawab and the 'talab' became popular as 'Bakshi Ka Talab'. Now, the entire locality around this is officially called 'Bakshi-ka-Talab'. (The writer is a well-known historian and the author of 'The Life and Times of the Nawabs of Lucknow')
Express Tribune
7 days ago
- Politics
- Express Tribune
Chinese expert shuts down General Bakshi in live TV debate over Pakistan-China ties
Victor Gao, Vice President of the Center for China and Globalization, delivered a stinging rebuke to retired Indian General G.D. Bakshi during a heated live television debate that quickly spiraled beyond routine foreign policy discourse. The fireworks started when General Bakshi accused Pakistan of harboring terrorists and questioned the durability of Sino-Pak relations. Gao fired back without hesitation: 'General Bakshi, you need to study history,' he said coldly, drawing an audible gasp from the panel. 'No power in the world can break the China-Pakistan friendship,' Gao continued, invoking decades of diplomatic, military, and economic ties between Beijing and Islamabad. He dismantled Bakshi's claims with sharp historical references, turning the debate into a one-sided lesson that left the retired general visibly rattled and scrambling to pivot. The turning point came when Gao dismissed Bakshi's inflammatory remarks as "aggression and irresponsibility, not diplomacy," urging a focus on dialogue and evidence over blanket accusations and calls to action. Highlighting joint military ventures like the JF-17 fighter jet and deep-rooted defense collaborations, Gao described the China-Pakistan partnership as 'rock-solid and forged in strategic trust,' emphasizing that their alliance isn't born of fleeting interest but is deeply institutionalised. Bakshi, a regular on Indian news channels known for his jingoistic tirades, appeared unprepared for such a frontal intellectual assault. As he attempted to steer the conversation elsewhere, Gao calmly held ground, commanding the room — and the narrative.
Business Recorder
23-05-2025
- Business
- Business Recorder
ABAD submits comprehensive budget proposals
KARACHI: The Association of Builders and Developers (ABAD) has submitted a comprehensive budget proposals for fiscal year 2025-26, calling for tax reforms and policy changes to revitalise the construction sector and strengthen the national economy. According to the ABAD Chairman Muhammad Hassan Bakshi, the organisation's recommendations focus on creating long-term stability through a 15-year tax policy framework, arguing that frequent changes in tax legislation have created market uncertainty that deters investment. 'Constant policy shifts undermine economic stability and discourage long-term planning,' Bakshi said. 'A consistent, predictable tax environment is essential for sustainable economic growth and restoring investor confidence.' The ABAD through its budget proposals demanded the complete abolition of advance tax under Section 236C, which it said would streamline property transfers and make transactions more efficient. ABAD further said that the tax rate under Section 236K capped at a maximum of 0.5%, down from current levels that Bakshi described as creating an excessive financial burden on buyers and investors. 'The current tax burden on property purchases creates unnecessary barriers,' the chairman explained. 'Reducing Section 236K to 0.5% would significantly ease the financial strain while maintaining transparency in transactions.' 'Under Section 7-E, property owners currently face a 1% tax even when their properties generate no income – a policy ABAD considers fundamentally unfair.' For Section 7-F, the organisation suggested replacing the existing complex system with a simplified per-area tax model similar to Sections 7C and 7D. The ABAD has identified significant problems with the current capital gains tax framework, noting that unclear rules for taxing property sales create market confusion. The association wants capital gains taxation based on property holding periods, which would provide greater predictability and balance for investors and market participants. The organisation also criticised the Federal Board of Revenue's refund approval process as slow and lacking transparency. Bakshi argued that removing this requirement would provide immediate relief to the business community while improving overall administrative efficiency. The chairman highlighted contradictions in property valuation tables used for tax assessments, which create complications during transactions. Resolving these inconsistencies, according to ABAD budget proposals, would establish a fairer and more transparent taxation system across the board. The ABAD recommended reducing withholding tax rates, projecting that lower rates would actually increase government revenue by stimulating more property transactions. The organisation believed this approach would create a positive cycle of increased activity and higher overall tax collections. Recognising the crucial role of remittances in Pakistan's economy, ABAD has proposed specific tax relief measures for overseas Pakistanis. Currently, Pakistani expatriates purchasing property with foreign currency still face transfer taxes – a policy the organisation views as counterproductive to encouraging foreign investment. 'When overseas Pakistanis invest their hard-earned foreign currency in Pakistani real estate, they should be encouraged, not penalised,' Bakshi said. 'Removing these tax barriers would boost remittances and strengthen investor confidence among our diaspora community.' The ABAD chairman positioned these proposals as extending far beyond the construction sector's immediate interests, arguing that implementing these reforms would create ripple effects throughout the economy. He emphasised that the changes would generate employment opportunities and help address Pakistan's ongoing housing crisis. 'These recommendations aren't just about helping builders and developers,' Bakshi said. 'They're about creating a stable economic foundation that benefits all Pakistanis through job creation and improved housing availability.' Copyright Business Recorder, 2025
Business Recorder
22-05-2025
- Business
- Business Recorder
Construction sector: builders, developers call for 15-year tax policy
The Association of Builders and Developers of Pakistan (ABAD) has called for a long-term 15-year tax policy for the construction sector, stating that frequent changes in tax laws create uncertainty in the market. The association on Thursday submitted its proposals to the federal government for the upcoming budget for the fiscal year 2025-26, emphasising tax system reforms, transparency, and the promotion of investment. In the proposals, ABAD chairman Muhammad Hassan Bakshi called for a long-term 15-year tax policy to restore investor confidence. 'Frequent changes in tax laws create uncertainty in the market,' he said. The association also called for the abolition of advance tax under Section 236C and the limitation of the maximum tax rate under Section 236K to 0.5%. Eliminating FED alone won't revive Pakistan's real estate, says ABAD chairman Eliminating the advance tax would make property transfers easier and faster, reduce the financial burden on buyers and investors, while enhancing transparency in transactions, according to Bakshi. ABAD chairman also demanded the abolition of Section 7E and Section 7F, arguing that under Section 7E, a 1% tax is imposed on individuals who own property but do not generate income from it, which the association termed 'unfair'. It also suggested replacing the current complex system under Section 7F with a simplified per-square-foot tax system, similar to the one in Sections 7C and 7D, to ensure transparency and ease. Regarding Capital Gains Tax, ABAD chairman said that the current system for capital gains tax on property sales was unclear. The association wants the tax to be based on how long the property has been held, which it believes will create balance and predictability in the market. Its budget proposals also claimed that the approval process for refunds by the Federal Board of Revenue (FBR) 'is slow and opaque'. ABAD chairman emphasised that removing such requirement would allow the business community to receive immediate relief. Bakshi maintained that there were inconsistencies in the valuation tables used for determining property prices, which he believes cause issues in transactions. 'Addressing the inconsistencies would make a fairer and more transparent tax system possible. ABAD's proposals also include recommending a reduction in the withholding tax rate.' He suggested lowering the withholding tax rate to increase property transactions and government revenue. Improving tax-to-GDP ratio crucial to ease Pakistan debt burden: FBR official Bakshi proposed that the government ease tax policies for overseas Pakistanis to boost remittances. 'When overseas Pakistanis purchase property in the country using dollars, they are subjected to a transfer tax, which ABAD considers unfair.' Eliminating the policy would increase remittances and restore the confidence of overseas investors, he said.
Business Recorder
20-05-2025
- Business
- Business Recorder
Improving tax-to-GDP ratio crucial to ease Pakistan debt burden: FBR official
Federal Board of Revenue (FBR) chief commissioner Aftab Alam said on Tuesday improving tax-to-GDP ratio was necessary to ease the government's debt burden and help strengthen the economy. He passed the remarks in an event held at the Association of Builders and Developers of Pakistan (ABAD) House in Karachi. 'India's tax-to-GDP ratio is 17%, while Pakistan's only 9%,' Alam said. Earlier this month, Finance Minister Muhammad Aurangzeb said Pakistan's tax-to-GDP ratio was expected to reach 10.6% by the end of the ongoing fiscal year. 'This will mark progress toward the government's target of raising it to 13% by the conclusion of the 37-month Extended Fund Facility (EFF) with the International Monetary Fund (IMF),' Aurangzeb stated then during a Zoom meeting held with representatives of S&P Global Ratings as part of the ongoing Pakistan Sovereign Ratings Review. The IMF sees Pakistan's total tax revenue at 12.6% of the gross domestic product (GDP) for FY2024-25. In its report titled 'First review under the Extended Fund Facility arrangement', the lender projected the FBR collection at 10.7% of GDP for outgoing fiscal year (2024-25) against original target of 10.6%. Alam acknowledged that taxpayers currently bear an excessive burden due to the limited number of contributors to the tax net. He stressed the need to expand the tax base. 'In the recent conflict with India, Pakistan's Army fulfilled its duty and now it's our turn to do our part by paying taxes,' Alam said. Eliminating FED alone won't revive Pakistan's real estate, says ABAD chairman Also speaking at the event, ABAD chairman Muhammad Hassan Bakshi said Pakistan was fighting an economic battle and, in such times, investment was essential. The construction sector, he noted, could play a pivotal role in that regard. He called upon the FBR and the government to formulate a long-term tax policy to promote investment in the country. 'The construction sector plays a key role in bringing investment to the country. Of the $34 billion sent by overseas Pakistanis, around 50% is being invested in the construction sector.' ABAD chairman pointed out that frequent changes in tax laws created uncertainty for investors. 'Without consistency and transparency in the tax system, investment is not possible,' he said. Bakshi emphasized that the construction industry was the largest employment-generating sector in the country, with 72 allied industries connected to it. 'This sector is entirely domestic, with both buyers and sellers being Pakistani. 'If we want to increase employment, we must promote the construction industry. Only when there is business, will there be tax collection.' He also raised concerns about the tax notices sent to builders and developers, suggesting that a copy of each notice sent to ABAD members be shared with ABAD House so that legal assistance could be provided. Ride the current: Pakistan's electric bikes scene accelerates Bakshi further called for the improvement of the valuation system and asked the FBR to appoint a focal person at ABAD House to ensure better coordination. ABAD chairman revealed that in Karachi's South District alone, 50 investment-ready projects worth $5 billion were lined up. 'This is our country, and we have to improve it ourselves,' he stated. Bakshi mentioned that a subsidised housing finance scheme by the government for citizens would soon be introduced, under which buyers would be able to pay 20% as down payment and the remaining 80% in installments. The initiative, he noted, could generate trillions of rupees in tax revenue for the FBR.
