Budget season was upon us over the course of the pat week, finally culminating in a relatively run-of-the-mill speech in parliament by finance minister Miftah Ismail. Ariba Shahid brings you all the budget talk and more in this week’s social media roundup.
The government has reduced CGT on listed securities and made it equal to that on Real Estate. @FarrukhHKhan the changes made in the budget are exactly in line with the PSX's proposal pic.twitter.com/LPPfqpNdH8
— Azfer Naseem, CFA (@AzferNaseem) June 10, 2022
Real estate is one of the largest grey areas in Pakistan. The commodification of real estate makes it difficult for actual capital markets to prosper. Keeping this in mind, the new budget proposed offers a level playing field for the Pakistan Stock Exchange to compete with.
I just went long Sohrab Cycles! https://t.co/Lztd1SeqfQhttps://t.co/mfVcf4wgCw
— Faisal Aftab (@faisal_aftab) June 2, 2022
At this point, it makes more sense for everyone to move onto bicycles. The perfect time to make a bet on a cycle business. Maybe they might even end up listing on the bourse. Who knows! But one does wonder whether Pakistanis are willing to make lifestyle changes.
So we spend around half a billion dollars on just the fuel to transport water in Karachi.
Water that is stolen and then sold via tankers.
Water that can flow in pipes. But we spend foreign exchange to buy expensive fuel to transport it instead. https://t.co/GUL1PfwnC7
— Mubariz Siddiqui (@MubarizSiddiqui) June 11, 2022
Why do something the easy way? Make it complicated and find a loophole to make money off. It’s that simple. Hey, might as well drive up the current account deficit too for your gain. After all, does anyone even care?
A VC told me to "go big or go home" with my startup. So I went home to build a small lifestyle business and now I'm happy 😀
— Dagobert Renouf (@dagorenouf) June 10, 2022
Go big or go home. Don’t fall for the peer pressure of blitz scaling and over the top expenditures. Do your business your way. Stay true to what you hold sacred. The fear of missing out is far too intense. Besides, not everyone has to be the next Marriot. You could be a small boutique hotel too. Just do your thing.
Congrats to all my salaried bretheren (except those making 15 lakhs+/month)!
Too bad they took away tax benefits on mutual funds and VPS 😞#mutualfunds #tax #budget #money #investing #markets #economy #strategy #pakistan https://t.co/aojyCdocJl
— MP 🇵🇰 (@MOPasha84) June 10, 2022
Mustafa Pasha nicely pens down the tax you have to pay based on your salary. However, while the budget provides a level playing field for the PSX compared to property, it also takes away the incentive of going for mutual funds of VPS. I mean, what is the point now? Might as well use your brain and do it yourself.
Fully support giving the salaried class a tax break! They already pay so much in indirect taxes, the effective tax bracket for everyone is like 50% higher than what is implied by income tax.
— AK (@AzamAKhan2) June 10, 2022
Salaried individuals already pay enough indirect taxes. They are also taxed more considering they’re documented. This tax break helps the salary class especially considering they’re unlikely to get a pay rise in this inflationary environment where layoffs are happening.
This is pretty amazing. There is a lot of financial abuse in the local context. This should be taken up by local banks and regulator as a safeguarding initiative. Obviously will require training and re-training the bank staff and so on.. pic.twitter.com/CxGQce1zqY
— Ammar Khan (@rogueonomist) June 8, 2022
Financial abuse is also abuse. Money is independence in todays day and age. Taking away access to it, is abuse. In our attempts to be more financially inclusive, I hope banks realize there is more to female financial inclusion than to be pink.
Imposing tax on credit card transactions would de-degitise an already undigitised economy like Pakistan. Hope the fears aren't correct.
— Adeel Azhar (@adeel_azhar) June 10, 2022
Cant make digital Pakistan a reality unless you promote digital transactions. That’s it.
Budget season was upon us over the course of the pat week, finally culminating in a relatively run-of-the-mill speech in parliament by finance minister Miftah Ismail. Ariba Shahid brings you all the budget talk and more in this week’s social media roundup.
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