What Does the New Budget Hold for ME?

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Everybody knows that Pakistan has had an acute energy crisis for the past four years. All we get are tall claims and no results at all. And – not surprisingly – the budget doesn’t address this area as it should have!
Growth has been persistently low. This coupled with the ever-increasing youth population of the country is taking the unemployment problem to a whole new level (not to mention the other evils that this phenomenon brings about). The new budgetary measures will create jobs to the tune of around a 100,000 (including internships) ……. should we jump for joy???
The disparity between income and poverty is on a steady rise and you guessed right… the budget hardly addresses this issue…”Roti”, “kapra”, “makaan” anyone????
Another highlight of our economic turmoil is a high inflation rate and low growth. An approximate 10% inflation might seem low as compared to the 25% of 2008, BUT it’s still on the higher side. Add to this the cumulative effect of inflation of the past four years and you can imagine what a crippling effect this has on the public.
SO WHY DO I TITLE THIS POST AS “WHAT DOES THE BUDGET HOLD FOR ME?”
Because I’m kind of selfish. The budget – despite all its drawbacks – has a silver lining and that is a reduction in taxes for the salaried class. Yes, us people…the common man…the ones that are obliged to pay taxes as they are deducted at source :@
As far as I can recall this will be the first year since I entered the workforce that I will actually get some tax relief. I remember one year where I changed tax slabs TWICE in one year due to the effects of an increment and bonuses at different times during the year L.
The question everyone is asking of course is ‘Why?’ With corruption, crime and misery at its height and the government the most hated – maybe ever – why this sudden relief?
Well if you ask me it probably has something to do with the fact that the elections are just around the corner and I’m sure you’ll hear of this in the speeches of every PPP candidate when the time comes.
Now back to the good stuff: fewer taxes! So you’re probably wondering how much less you will actually have to pay. Well don’t fret, I am here for you. I’ve made the following breakdown for your ease of REFERENCE. Caveat: please don’t go around swearing by my calculations. :p

Taxable salary Per month	Tax as per new tax rates	Tax as per previous rates	Relief to salaried taxpayers
33,333	0	6,000	6,000
40,000	4,000	16,800	12,800
40,000	10,000	27,000	17,000
60,000	16,000	43,200	27,200
70,000	26,500	63,000	36,500
80,000	38,500	85,500	47,000
90,000	50,500	106,500	56,000
100,000	62,500	120,000	57,500
125,000	92,500	179,500	87,000
150,000	137,500	252,000	114,500
200,000	227,500	384,000	156,500
300,000	462,500	646,250	183,750
400,000	702,500	960,000	257,500
416,667	742,500	1 ,000,000	257,500
500,000	942,500	1 ,200,000	257,500
833,333	1,742,500	2 ,000,000	257,500

I don’t really agree with such a huge tax relief for people earning more than 300k a month, but I shouldn’t be one to complain when I’m getting a good enough relief myself.