ONLINE GAMING AND SOCIAL MEDIA APPS TAX TO BE INCREASED BY THE GOVERNMENT PAKISTAN

Pakistan’s federal government is considering a plan to raise taxes on money earned through social media platforms such as TikTok, YouTube, and other applications.

According to reliable sources, the coalition administration is considering raising income taxes on earnings from online gaming, TikTok, YouTube, and other social media sites.

According to them, the authorities are also discussing a plan to raise income tax on those earning more than Rs1 million per year.

The development has taken the form of the International Monetary Fund (IMF) imposing stringent requirements in order to win a $1 billion tranche from the international lender.

According to insiders, the IMF has imposed stringent conditions for the program’s continuation, including requesting that the Shehbaz administration slash income tax rebates and allowances.

Additionally, the federal government is proposing proposals to raise government employee pay and pensions and has drafted three budget rise proposals for the fiscal year 2022-23.

There is a plan for a five to fifteen percent boost in government employee compensation, according to sources in the finance ministry, but it is contingent on prior permission from the International Monetary Fund (IMF).

“Ad-hoc allowances for employees in BPS-1 to BPS-19 will be enhanced by 5 to 10%,” they added, adding that wages in BPS-20 to 22 will be boosted by 10 to 15%.

They also stated that the pension will be enhanced by 5% to 10%. “The pay and pension commission has yet to submit its report, which the government has instructed them to do as quickly as possible,” they stated.

On June 12, the government is expected to submit Budget 2022-23.


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