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MEMBER BENEFITS: NASCUS recently published 2 new CFPB and NCUA rules summaries. Visit NASCUS.org for links to the following topics: 1. CFPB Supervisory Appeals Process 12 CFR Chapter X 2. Final Rule Summary NCUA: Minority Depository Institution Preservation Program

How the #CentralArbitrationCommittee decides whether an application can be accepted: Whether a hearing is necessary or a decision can be made on the papers alone the panel will produce a written decision which is sent to the parties and then posted on our website. Find #CAC outcomes and decisions here: https://lnkd.in/ekNgwTdw #ScheduleA1Part1 #tradeunions #recognition #TradeUnions

CILEX maps out next steps in reform programme 🗺️ 📍 While we wait to hear the outcome of our application to the Privy Council on the proposed changes to our governance and membership grades you can read the latest update on our reform programme. Read more ➡️ https://bit.ly/49DsfeR

The current tax system is most complex and irrational. First, we have to address this to convince taxpayer to pay a reasonable tax. Mis-adventure in FBR field formation must be addressed as follows: First Case law: #1-Select any jurisdiction of the Commissioner's office in LTU (Lahore, Islamabad and Karachi). #2-Analyse the application of section 122(5A)[ instead of third-party #Definite information, taxpayers are asked to submit details for analysis despite strict instruction to the field formation not to ask for generic details to apply section 122(5A)] regarding refund applications. The Professionals (ICAP/ACMA/Advocates) and business community/Chambers ( LCCI, KCCI) should be appointed to analyse cases on a professional basis without disclosing taxpayer cases and FBR official's name. #3- Develop the SOP for future action plans by FBR officials regarding the application of section 122(5A). #4- Develop performance and accountability metrics of FBR field formation regarding the application of section 122(5A). Within the next two to three years accountability of FBR officials would minimize the misadventures in FBR. Conclusion: Chamber and professionals have the expertise, resources, and courage to address the misadventures of FBR field formations. A taxpayer cannot address FBR misadventure due to multiple factors. Given the above, good governance entirely rests on the business community/professionals not Governments( to address by purging FBR). Second Case Law: Litigation of Rs. 2.7 trillion A similar process should be applied to pending litigation and other sections application to minimize gaps like: #1-Most of the time litigation or taxpayers' mistakes are a lack of knowledge of relevant law. Tax code has become so complex that now only AI can manage the correct application of the law. Hence, FBR must introduce AI for taxpayer's guidance i.e. a technology-only solution. #2-Apex/High Court/Tribunal decisions must not be violated in the assessment proceedings. #3- Advance ruling with numerical clarification regarding each section application. FBR's current system of online clarification is worthless by all standards. if we want to do business tax planning with all aspects, we simply cannot do that leading to litigation eventually. Conclusion: # 1-We are moving in circles (despite spending billions of rupees for simple reforms) just because of the absence of Structured data-based transformation approaches to address FBR's multiple challenges/misadventures. Governance is no more a government baby. Stakeholders must focus on what would be rewarded instead what is going to be lost. Professionals' engagement in day-to-day affairs within the jurisdiction of clerical work must be discouraged to move forward like regional countries.

#Strategic depth of Taxation #Policy flaws Focus #strategy #execution #limitations not FBR only: FBR's #ability and #capacity to manage revenue collection challenges is similar to a famous story of 7 #blind men trying to understand an #elephant because: #1-How can FBR staff address any business #intricacies without any #specialized training to understand business manipulation (FBR field formation cannot understand #Nestle financial statements. Although Pakistan ex-finance and tax managers had specialised training but could not address the challenges)? #2-#On-the-job training is not a substitute for specialized training by any standard. #3-FBR ERP system is not capable of developing a data-based policy or measuring the impact of any policy change. Hence, leads to frequent policy changes, failure of the policy and making taxpayer business planning more complex. #4-Interestingly, in industry, majority of finance #professionals in fields (even with the highest degree) hardly understand taxation. Hence, expecting a taxation #application grip from FBR's management is not understandable. Anyhow come to the point. #Understanding a business operation's (to identify the production gaps) most critical area is first production #planning understanding and then #corroborating the #production by other factors. #In Pakistan, most business #ERP systems (as per industry experience) were running without production planning process #integration with ERP modules. Resultantly, how can track and trace systems dig out production gaps (the functioning of track and trace systems is required to elaborate it further)? Given the above limitations, discussing FBR performance is like getting insights on a #medical report from an #engineer. Similarly,#Think globally, Act #locally" principle is being negated with a wide margin while engaging #foreign #consultants like the WBG group, and Track and Trace management. Now, we can #infer that the following resistances and FBR failures validate that Change #management has become a complete #science for Pakistan and should be addressed accordingly instead of hit and trial method of treating the effects: #Restructuring by WBG/ADP (cost Rs196 billion), Track and Trace System (Rs. 25 billion), Purging FBR officials, Property #deemed income (Dollar and Gold i.e. other avenues of #parking excess money taxation?), #Super Tax, #Abolition of CIT Appeal, #Tajer Dost Scheme. Now, we must learn from the failure of the #hit and trail approach and should move towards a more structured approach to tax collection: #Apart from the above limitation Pakistan's whole leadership especially FBR "#integrity and #courage" also requires attention. The #religious scholars' contradiction/silence (justifying bribe for legal work) must be addressed. The West #development #secret is #structured money #spent due to proper taxation collection, whereas in Pakistan money is spent in the most unstructured way through charity.

The central bank will continue its contractionary monetary policy stance and adhere to the interest rate targeting framework. Recent MPS focuses on- *Keeping CPI inflation contained within the government’s revised target of 7.5% and ensuring the stability of the depreciating exchange rate by adopting a crawling peg exchange rate system. *Supporting desired economic growth by ensuring necessary flow of funds to the economy’s productive and employment generating sectors.

NFO: Interesting to note that with the GE being called then HMT’s neoliberal deregulation agenda is essentially paused with no further readings in the Commons and with it a stop 🛑 on all bills to deregulate the asset industry vie MIFIR, AIFMR etc. ⏰ The direction of U.K. 🇬🇧 regulation will now rest in the next administration. Undoubtedly this will frustrate the City lobby whom were pushing for widespread reforms but perhaps a welcome hiatus for the Financial Conduct Authority to prudently plan for the new CIC regime. Association of Professional Fund Investors (APFI) Transparency Task Force The Association of Investment Companies (AIC) #newfundorder https://lnkd.in/e9xpymQZ

I anticipate this with keen interest.

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📢 Stay informed! Our lobbyists have a crucial update on recent changes to Campaign Finance Board (CFB) rules, broadening definitions for lobbyist qualification. Check out the detailed message on our website for insights. Have questions or hypothetical scenarios for the CFB to address? Please reach out to Grace Altier! #CFBRules #LobbyistUpdate #TransparencyMatters https://lnkd.in/gRdFrPBJ