Re: Statistical Comparison Between Musharraf and Preceding Governments
Hopes fast fading
WITH the change on the top, especially coming into from a new economic management team, expectation arose that fiscal and financial polices will also be amended and become people-friendly. However, the extravaganzas of ruling class as disclosed by Mansoor Ul Hque Solangi in the letter, ‘A matter of shame’ ((June 4),dampened the expectation. But after looking to the budget proposals appearing in dailies all hopes have simply evaporated in the air.
The most affluent and high income class, i.e. stock dealers, who have been making stupendous capital gains on the sale of shares for the last eight years by hoodwinking the gullible, has been exempted from tax for further two years, though they had requested one year reprieve (‘Stocks surge by 610 points on tax exemptions’, June 5).
This act of badly-timed magnanimity on the part of the government, when the general public is reeling under pressure of food and oil price rise and burden of indirect taxation in the shape of sales and withholding taxes, is beyond belief.
It is also reported that in the upcoming budget five per cent surcharge is being proposed on imports as ‘energy surcharge’. Do the makers of budget realise that the incidence of this levy will increase the prices of goods further? Obviously the trader will not pay this increase from his pocket but will conveniently pass on the same to unobtrusive purchaser/consumer who inevitably will bear increase in the cost of product.
I fail to understand why the most appropriate proposal of charge on income (‘Oil levy on income’, May 30) has not been considered by the financial wizards of the government.
It is time the business/trade/industrial community of the country came forward and paid taxes on the their incomes correctly.
The government should also come out with people-friendly policy by taxing those who are making profits and have the ability to pay and not burden those whose capacity has completely eroded, so much so that they are not even able to meet their ends.
BADAR JATOI
Port Coquitlam,
BC, Canada.