Avoidance or evasion - this week in Pakistan’s business and economics twitterverse

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Avoidance or evasion

this week in Pakistan’s business and economics twitterverse

Another very busy week as insane amounts of heroin worth more than entire airlines were recovered and we look into just how well the implementation of the new minimum wage has been (surprise: it hasn’t been going well) and questions about tax evasion and tax avoidance (they are not the same thing. Ariba Shahid brings you all this and more in this week’s social media roundup.

Favourite child Terrifying paperwork

Implementation is key

Have you received a tax refund? Yes? Wow you’re great at this and have your life all sorted out. But if you’re like us and haven’t got a refund yet, why is that? Because you’re scared of the paperwork.

The joke has been done to death. The State Bank of Pakistan needs to be renamed to the SBOP. It’s time. They’re not even trying to hide their favoritism anymore and we’re turning green with jealousy. This year we applauded the budget for increasing the minimum wage. But what’s the point when it isn’t implemented, and that too by a booming industry? We need to do better in terms of our domestic help, but there also needs to be a lot of regulation of industries operating in the formal sector.

Why is Ramiz Raja at the PSX? We don’t really know but to be honest celebrities do open trade for exchanges around the world. A more pertinent question here could be why there are no sports companies or teams listed on the PSX? Why isn’t the PSL and its teams listed?

Tortoise and the hare

Ever heard the legendary fable of the tortoise and the hare. Well in the real world, sometimes the tortoise wins, sometimes the hare, sometimes both. But undervaluing or underestimating the tortoise is only going to give you investor fomo. One good idea can make a business. This is an example. If you’re from Karachi you know just how big Imtiaz is and the humble beginning it took off from.

Evasion or avoidance?

Do you find taxation daunting? It’s actually pretty confusing. This is what pushes towards tax avoidance and unfortunately evading because of how complicated it gets for filers. This is kind of like the chicken and egg problem. Then again, an argument could be made that tax avoidance is undertaken by those that actually understand (or have lawyers that understand) taxation, while tax evasion can be quite accidental.

Heroin heroin, my airline for some heroin

I wonder how many kilograms of heroin PIA is worth? Then again, that is a whole lot of heroin as well.