Another very busy week as insane amounts of heroin worth more than entire airlines were recovered and we look into just how well the implementation of the new minimum wage has been (surprise: it hasn’t been going well) and questions about tax evasion and tax avoidance (they are not the same thing. Ariba Shahid brings you all this and more in this week’s social media roundup.
Heroin heroin, my airline for some heroin …
The street value of 3000 kg of heroin seized from Mundra Port- Rs.20,000 crores- is more than the price- Rs. 18000 crores- at which India’s national carrier has been sold to Tatas for. Go figure!
— sanjay kapoor (@sanjaykpr) October 9, 2021
I wonder how many kilograms of heroin PIA is worth? Then again, that is a whole lot of heroin as well.
Implementation is key
This should also be noted, THIS SECTOR has Still not Implemented Minimum Wage 4 months has passed NOT even Close to that Minimum Wage, 80-90% Sector Non Compliant! @Gohar_Ejaz1 @razak_dawood @PakPMO @GovtofPakistan @Asad_Umar https://t.co/1Y2kZI5Lzl
— Zubair Ahmed Khan (@ZubairKhanPK) October 9, 2021
This year we applauded the budget for increasing the minimum wage. But what’s the point when it isn’t implemented, and that too by a booming industry? We need to do better in terms of our domestic help, but there also needs to be a lot of regulation of industries operating in the formal sector.
Evasion or avoidance?
Have come across one of the most bizzare & idiotic tax regulation recently. If an individual invest in a company he is subject to single taxation regime when dividend is paid. If a company invest in a company or acquire one, its directors are subject to same tax twice? Double.
— Veqar Islam (@VeqarIslam) October 9, 2021
Do you find taxation daunting? It’s actually pretty confusing. This is what pushes towards tax avoidance and unfortunately evading because of how complicated it gets for filers. This is kind of like the chicken and egg problem. Then again, an argument could be made that tax avoidance is undertaken by those that actually understand (or have lawyers that understand) taxation, while tax evasion can be quite accidental.
Terrifying paperwork
My tax man says I was owed a refund last year because I invested in a VPS and gave donations. Rs12,000. But get this, the @FBRSpokesperson won’t return it bc it’s a mound of paperwork. But the system extracts and tracks just what it wants.
— Mahim Maher (@MahimMaher) October 8, 2021
Have you received a tax refund? Yes? Wow you’re great at this and have your life all sorted out. But if you’re like us and haven’t got a refund yet, why is that? Because you’re scared of the paperwork.
Do better
‘We’re going to pump out water from your aquifer and sell it back to you but hey, here’s a paper straw’
— Zarrar Khuhro (@ZarrarKhuhro) October 8, 2021
Sometimes it’s very easy to read through the fake moral supremacy. Especially when acts are performative such as paper straws wrapped in plastic. Do better.
Rambo was where?
Gong ceremony at Pakistan Stock Exchange: Chairman PCB Ramiz Raja struck the gong to open trading for Tuesday, October 5.
The Chairman also met the PSX Board members and Capital Market representatives. pic.twitter.com/zfpml95ySX— Pakistan Cricket (@TheRealPCB) October 5, 2021
Why is Ramiz Raja at the PSX? We don’t really know but to be honest celebrities do open trade for exchanges around the world. A more pertinent question here could be why there are no sports companies or teams listed on the PSX? Why isn’t the PSL and its teams listed?
Tortoise and the hare
All of Pakistan Tech is obsessed with the Hare model while Tortoise remains massively under valued. Useful chart by the incomparable @auren whose drawing skills are improving weekly. pic.twitter.com/59yMK0mJT5
— sameer (@sameerchishty) October 2, 2021
Ever heard the legendary fable of the tortoise and the hare. Well in the real world, sometimes the tortoise wins, sometimes the hare, sometimes both. But undervaluing or underestimating the tortoise is only going to give you investor fomo.
Reality check
If your income is coming from labor rather than assets, you’re being decimated by hidden inflation.
— Naval (@naval) October 9, 2021
This is not the reality check we needed at the beginning of the month.
Favourite child
As @rogueonomist calls it,
State Bank for Overseas Pakistanis https://t.co/ds8oCc98Ih— DMKM – low level existence (@2paisay) October 8, 2021
The joke has been done to death. The State Bank of Pakistan needs to be renamed to the SBOP. It’s time. They’re not even trying to hide their favoritism anymore and we’re turning green with jealousy.
Humble beginnings
It was me who gave advice to Imtiaz Bhai to open outlets or give franchises instead of sitting on cash counter at Bahadurabad. Also arranged small rice reprocessing unit at Mehran Town by giving machinery supplier & fabricator. It was all for free. @rogueonomist @MariaPtweets https://t.co/8poWSzpeLn
— Abdul Aziz Ghaffar (@ricetex) October 7, 2021
One good idea can make a business. This is an example. If you’re from Karachi you know just how big Imtiaz is and the humble beginning it took off from.
Spilled milk …
Third largest producer of milk this year and still importing cream cheese from UAE.
— AS (@duskafterburner) October 6, 2021
What do you need to make cream cheese? Milk. We’ve got plenty but no one is actually working on it. Missed opportunity.
