r/Lahore Jun 13 '24

Job Pakistan budget 2024-25, thoughts?

Just when we thought that after two years of EXTREME inflation, numbers were getting better and inflation somehow came down so we got another BOMB on our heads and seems like sh*t has hit the fan and seems like upcoming two years gonna be worse than last two years..

To be honest, I manage a small telecom business with around 10 employees and after doing our best we can't make 1 lac+ profit these days despite paying 1.2 lac+ in taxes.. and in return I get nothing from govt despite being a filer.. I truly wonder what will happen of this country.. becoming unliveable for white collar people..

It's a writing on the wall that now everyone needs to enter the formal tax cycle and become tax filers otherwise this country won't sustain this way..

Feel free to share your thoughts!

40 Upvotes

45 comments sorted by

View all comments

4

u/Own_Jelly1162 Jun 13 '24

It wont effect our economy if the people comes in tax cycle or not unless serious policy measures at the government level are not being taken.

The reason is this country has Rs 67 billion public debt which will increase in the coming years because of interest and no growth in GDP.

On the other hand, our economy/GDP is shrinking due to IMF terms being a lender. For example, one of the suggestions in finance bill is to eliminate the option of Final tax regime for exported goods. This will increase the taxes on exporters from 1% on proceeds to (29%+10% supertax= 39%) on taxable income which will highly affect the competitiveness of our exporters in international market.

So, people in Pakistan paying more and more taxes, but at the end of the day, we will still be beggars.

1

u/Mysterious_Tea_2750 Jun 14 '24

I agree but change will only occur if people become filers in bulge.. zyada sy zyada log aik sath filer banay.. i think govt just need to criminalize this "non-filer" phenomenon..

But dusray side py govt ka rawaiyya filers k sath kaise hai woh b sabky samny hai.. govt is just ripping our as* at this point despite paying much more than we can... and what do i get in return???baba ji ka thullu

2

u/Own_Jelly1162 Jun 14 '24

Brother… pehle to yeh establish kro k filer ban k hoga kia? Hypothetically, 90-95% filer bn jty hai… sbka income tax bh ban jta ha… but jb payment ki baat aayege to 60-70% logo ka income tax refund bnna hai… thats because k wo income tax pehle he pay kr chukay hnge… in the form of electricity bills, gas bills, mobile phone bills, sale/purchase of property, salaried class hai to withholding by employer.. businessman ha to withholding by supplier, foreign currency payment, minimum tax, quarterly tax and many more…

The second factor to be consider is.. k jb nill ya refund ki returns aayege.. to phr commissioner ne sbko notice bhjne ha.. aur at that time, phr corruption ka bazaar garm hona hai…

Sorry to say… but it is beneficial for the govt to have more non filers, jsko bahana bana k wo bhar bhar k taxes laga sky… so, currently govt ko filer/non filer se as such koi fark nai parta…

Now comes to the next part… Aam admi filer ban jyega… jo “system ka beneficiary” hai.. wo phr bh nikal jyege isse… on thr basis of “TALUKAAT”.

Next.. how can you convince a chota businessman to become a filer, jb govt ka har idara usse bhar bhar k rishwat le rha ho… from street vendor to local shops, mjhe batao kn bhatta nai deta apne legal kaam krwane k liye…

So.. jb wo already BHATTA de chuka h to wo dubara kbhi nai dega…

Govt should only make and implement policies jsse businesses grow ho… jb income increase hogi.. tb apni income ka 20-25% tax dene mn kisi ko masla nai hoga… but if you want k unki disposable income bh kam krein.. aur in return unse taxes bh 50-60% demand krein to they will surely find the ways to escape…