Ishaq Dar has given a new dimension to Financial Sodomy and Rape, feasting on our blood and feeding his fellow vultures once again raped and sodomized the common people of Pakistan as he imposed 0.6% with holding tax on all transactions which has been reduced to 0.3% for registered tax filers hence generating revenue of approximately Rs. 135 billion/annum for the PML-N government and forcing people to use channels other than legitimate banking. There are over 8500 reporting bank branches across Pakistan and with an average withdrawal of Rs.10 million a day and 250 working days the government of Pakistan is set to earn One hundred and thirty five billion rupees by imposing 0.6% withholding tax on each cash transaction above Rs.50’000 on any given day.
The question is that the common man is expected to bite the bullet and gladly accept the painfully bitter taxes but these taxes never benefit the common man. Most of this money is either spent on beautification projects, Prime Minister and his cabinet’s extravagant expenses and the rich get richer. Talking to a number of bankers, traders and small businessmen everyone has resented this move. Small and Medium enterprises are forced to accept delays in payments and schedules, banks are rapidly loosing deposits in Pak rupees and people have started hoarding foreign currency. China has recently devaluated it’s currency simultaneously reducing the rates of interest whereas India has invited businesses to invest taking advantage of flight of capital from China.
Worldwide economic conditions are adjusted according to the national requirement to facilitate the people but in Pakistan it’s done just to facilitate a handful of friends and family members. Pak rupee devaluation is on the cards which will push the US$ to 114-116, as much as it will benefit the exporters helping them gain on renegotiations on confirmed orders it will break the back of the common man making everything more expensive and out of reach for at least half the population. It’s a serious shame that our economists instead of learning from the bad experiences and mistakes of others deliberately squeeze the people of Pakistan for their personal benefit. Shamefully the FPCCI, KCCI and other chambers of commerce in Pakistan have not raised their concerns except for some nominal protest. The media houses on the other hand have been amply compensated in advertisements and other perks so as to keep them silent.
Mainstream politicians and political don’t seem to be bothered about this issue because it doesn’t make a huge difference to them and besides their prime objective is to squeeze the people and benefit their courtesans.