Pakistan Budget 2024–25: Heavy on Taxes, Light on Reforms

As Pakistan rolls out its budget for 2024–25, the overarching sentiment among the public and business community is one of frustration and disappointment. Once again, the government has chosen to burden those already overtaxed while neglecting essential reforms that could broaden the tax net and stimulate economic growth.

The Overburdened Taxpayer

The new budget is still squeezing the life out of middle-class people and anyone else who earns a salary. Taxes are still on the rise, but despite promises made by politicians regarding economic stability and growth, this is not what we see in real life. Many families are feeling the pinch in their pockets because they can’t get jobs while at the same time paying high taxes on their little salaries. Those who can keep their jobs must work so hard only to remain with just a small portion of what they make because much of it is cut by the big taxmen.

Business Climate: A Downward Spiral

The Pakistani business environment is still precarious. Political instability, together with a lack of consistent economic policies, has discouraged investors and crippled business growth. In place of supporting people with small businesses as key players in a vibrant economy, such individuals are faced with many laws and regulations that make it so hard for start-ups, or they end up shutting down when enough taxes are imposed on their returns by what appears to be an anti-growth rather than pro-growth tax system.

A bloated government

Even as ordinary people cut their budgets, it is clear that government officials and civil servants are in two separate worlds. Outcries of over-inflated salaries and better working conditions for those in public service seem to have worsened the situation. This malfunction between the oppressed and oppressors points to a larger issue concerning wrong emphasis and poor administration.

The Call for Reform

What Pakistan needs urgently is a total overhaul of the tax system. Priority should be given to extending the tax threshold to cover the rich and current non-taxpayers. The administration should broaden the tax base to relieve the middle class and increase revenue without resorting to harsh actions.

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Public awareness and action in Pakistan

During these challenging times, the citizens of Pakistan need to assemble and express their opinions. Publicity campaigns focusing on how the public can be empowered and nonviolent protest movements are suggested as powerful tools for convincing the government authorities to change their stand. This can ensure that all individuals, regardless of their social class, enjoy the benefits of such a system by calling for openness, liability, and taxation that favors everybody, not just the elite.

Conclusion

The Pakistan budget 2024–25 points to the difficulties ahead if things remain the same; over-taxation and economic stagnation will remain unbroken. The time is now ripe for some meaningful action towards making Pakistan a just and well-off country. It is ordinary citizens who can alter their destinies, and they should do so by demanding good governance or the kind of society we all wish for in the future.

For more information visit official website of Government of Pakistan

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