This week we are troubled with rising petrol prices that have pretty much taken over the entire social media discourse on the economy. We also talk about taxes, apps that fail, and corporations looking for more concessions. The rich just keep getting richer. All this and more by Ariba Shahid.
HBL questions
27 Billion rupee profit in just 9 months yet can’t get mobile, online banking & online payments to work consistently. Astonishing arrogance & incompetence https://t.co/z6L9gg8KIF
— Habibullah Khan (@Huk06) October 15, 2021
It hasn’t been a good week for HBL considering their app has been down for quite some time. But hey the company is widely profitable. Maybe this money will be put to good use and the app might get a major overhaul? Then again, perhaps there will be other innovations that HBL spends this money on, like a second islamic POS machine. You never know with Pakistan’s largest and most prestigious bank – they’re thinking outside the box and constantly wanting to surprise you with their ingenuity. Maybe a second app that also doesn’t work? Just to really shake things up.
Taxing cars
One Rupee.
Registration fee in Khyber Pakhtunkhwa for vehicles up to 2500 cc. Announced in the budget. Now notified. Promise fulfilled. Well done Minister Excise @Khaliqur589. A great way to encourage KP vehicles to register in KP.
Coming soon… KP Universal number plates. pic.twitter.com/4EjW36WkSX
— Taimur Khan Jhagra (@Jhagra) October 15, 2021
While one could say this is a means to incentivize bigger cars, the reality is that this is bringing more cars into the tax net. They register this year, they pay taxes every year. This is very important for an area where jeeps are widely unregistered.
Petrol bomb
Reminder that elites are given relief worth Rs. 2.66 trillion every year (UNDP report 2020). Not everyone is sharing the burden of this economic crisis. The system is completely rigged against middle and working class families. #PetrolPrice
— Ammar Ali Jan (@ammaralijan) October 16, 2021
This is debatable considering subsidizing fuel means more usage. However, in a country where public transport is virtually non existent one could say this is a plausible solution. After all, for years consumers have paid levies. Why not this? Remember, this is going to be a massive blow to the budgets of lower middle class salaried persons, because their paycheques are not going to see a 10 rupees per liter bump anytime soon.
Public transport
Imagine a govt that had owned public transport and not harped about how terrible the subsides were.
If it had done that, today it could have credibly argued that the state is providing cheap and efficient public transport to minimize pain of fuel hike on ordinary citizens.
— Uzair Younus عُزیر یُونس (@UzairYounus) October 16, 2021
If we had decent public transportation, I doubt we’d care enough about petrol prices. This is why petrol prices are so debatable in this country. Because they impact everyone. Instead of subsidising petrol, what if we actually thought about subsidising the entire concept of transport, as has been done elsewhere in the world.
Perils of the gig economy
I know many have said this before but the gig economy and it’s actors are scavengers picking up on the ruins of an economy dilapidated by structural adjustment and elite capture. They have come to roost on people’s vulnerabilities and the state has welcomed them with garlands
— Yahya Aftab (@__erebus) October 16, 2021
The gig economy is exploitive. There are no doubts about that. However, the very fact that these gig labor fuel the system often goes unnoticed and underappreciated. That is not cool. While our friend in the tweet seems to be on the edge of breaking out his hammer and sickle and singing the Internationale, and we are not on the same page in that regard, but the point he brings up is more than valid. Ideas are important, but you need people to run them.
When chips taste better than usual
I know many have said this before but the gig economy and it’s actors are scavengers picking up on the ruins of an economy dilapidated by structural adjustment and elite capture. They have come to roost on people’s vulnerabilities and the state has welcomed them with garlands
— Yahya Aftab (@__erebus) October 16, 2021
What tastes better than chips? Subsidized chips from VC money! Everyone loves a bargain. So do we and clearly everyone else too.
Tax concessions
Companies listing for tax concessions don’t need funding from stock market and would not care about minority shareholders. They are in market purely to exploit tax arbitrage. Focus on companies that desperately need capital in bad time and will appreciate investors in good times. https://t.co/QEAT157ruz
— Rasheed Narejo (@narejo) October 14, 2021
Tax concessions for listing? Do we want more companies to list for the sake of benefits and have no regards for the shareholders? I don’t think so.
Not that difficult
Data in this @MAGNITT report seems to be inaccurate. @fatimagobivc announced 9 investments YTD making it the most active investor. @ZaynCapitalVC announced 8 investments, while @indusvalleycap announced 7. https://t.co/ssPab4zH3k
— Taimoor Hassan (@taimoorhassann) October 11, 2021
Doesnt kill to do correct research. Just saying.
