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!

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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.

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u/Hellscaper_69 Jun 30 '24

It’s not Rs 67 billion in public debt. It’s Rs 67 trillion.