Pakistan Government Imposed 0.6% tax!

Hold your nerves and control your breath as now you are going to be victimized with an additional tax payment.  Recently government of Pakistan has planned another attack on your pockets by charging an additional 0.6% tax on each banking transaction. Let it be cash withdrawal, simple bank transfer, pay orders or demand drafts, you are badly besieged from all the quarters. Meanwhile, the finance minister Mr. Ishaq Dar has done a bit to dilute the unrest of this draconian act by introducing a minimum threshold to escape the poor out of this quagmire. Multitudes regard this as an attempt to loot a common person due to government’s failure to collect sufficient taxes to run the country. It’s not going to be easy on the government to placate the angry dissidents out here, especially the traders.

Albeit it seems to be an insignificantly minor figure, but let’s consider the other side of the picture. It is estimated that government is going to amass a sum of around PKR 38 million from this addition. Government’s ineptitude to collect taxes from masses has engendered yet another draconian episode for the tax payers, while the non-taxpayers are still on cloud nine. It simply puts that evil quote into play “Innocents are the dumbest”. I reckon ascertaining the non-taxpayers and throwing books at them renders uttermost sagacity rather than further intensifying the burden on the pockets of an honest tax payer and a responsible citizen. Even more saddening is that: the widows and even the pensioners are not out of the net, which is utterly staggering. But thanks a million to Mr. Ishaq Dar for the exemption of the transactions below PKR 50000. We owe you for that supreme concern sir. Discussions are underway to charge 0.3% on tax payers while 0.5% on non-taxpayers for the transactions above PKR 50,000.

Another good news says that cash withdrawal tax will increase from 0.5 to 0.6% for non- taxpayers while tax payers while breath in a sigh of relief by experiencing a reduction from 0.3% to 0.25%. Ishaq Dar further radiates rays of hope by suggesting that the committee will re-consider the 0.6% tax and may also lower it down for the good of the people. He further added more sugar to the coffee by imposing a minimum exemption threshold-thus making the coffee even sweeter.

On the other hand, people being craftier, are converting cash into gold in order to avoid taxes, Senator Talha Mehmood confirms this news.

Moreover, the already deposited money in the banks won’t experience any further taxes, in contrast to the developed world. Some also believe that new taxation will rampantly boost the activities in the informal banking sector which is already a colossal issue.

Anyhow, it is inevitable that this 0.6% will engender a wave of unrest amongst the common public, and especially traders. The ultimate beneficiary being the government should find other pragmatic ways to uplift their position rather than being draconian to the common public and earning nothing but despise.

Don’t forget to add your valuable comments, suggestions and Subscribe us via Email.

About The Author

The Founder

I am a Web Solutions Researcher and an experienced blogger since 2007 having number of world famous blogs with professional team of different online fields working for me. I love to share my ideas and research and help newbies.

One Response

Leave a Reply

Your email address will not be published.