This video is based on publicly available macroeconomic data on Pakistan. If you are interested in further reading, please see the following sources: download1.fbr.gov.pk/Docs/2023112812111769FBRREVENUEDIVISIONYEARBOOK2022-23.pdf finance.gov.pk/fiscal/July_June_2022_23.pdf
Finally finally I found someone in my country who is making specific quality videos on finance I'm really happy I always used to find any Pakistani specific quality channel about finance but are rare
I came across this channel through a RUclips advertisement and realized how informative and valuable the videos are. When I visited the channel, I noticed that it only had a few thousand subscribers. Without hesitation, I subscribed to support its growth. I believe that by subscribing, we can help channels like this one thrive.
i am amazed . for me these topics are very very boring I cant watch nay video or podcast on texes etc but i have watched 15 minutes video completely with so much attention like someone is directly telling me this information
Real estate and retail need to be taxed like the rest. These kinds of non partisan explainers are what Pakistanis need at the moment. Hope to see more videos focusing not only on the economy but social issues like education & healthcare. This is truly something new for Pakistan’s digital landscape.
00:01 Tax collection in Pakistan is very low compared to other countries. 01:55 Tax filers have formal relationship with the state 03:44 Indirect and sales taxes are regressive due to higher burden on the poor 05:38 Progressive taxation ensures the wealthy pay higher taxes. 07:34 Importance of corporate tax contributions in Pakistan 09:25 Discrepancy in real estate taxation and overall tax system complexity 11:19 Taxation inefficiency and complexity 13:16 High tax rates and unfair distribution
In Sha ALLAH i will support this channel from my heart, Pakistan mai es tarha ke educational channels ki buhat zarorat hai awaam ajeeb vlogging aur dramas mai apna time waste krti hai.
Brilliant video , It is important for this kind of input to create awareness among the masses, which will ultimately lead to the government making the necessary changes..
@@junaidiqbal79 Your’e doing a phenom public service. Please create slightly simpler videos stating these facts in Punjabi, Sindhi, Pashto etc so rural folk can also begin to understand these complex governance issues.
Brilliant work. Business class of Pakistan needs to be brought into the tax net, government needs to crack that, otherwise it will create mistrust in the masses. In real estate and retail there should be progressive taxation, the blanket approach would lead to problems!
such a great initiative, I always felt a gape between industry experts sharing their thoughts on current situation in this country with facts and figures and I think this is a really good start for that.
The taxationanalysis is wonderful. I think that the Ashrafias must must curtail their Shahana expenditures first only the the revenue earned from taxation will be properly utilized.
Brilliant video, although I was concerned about the last dataset with Tax & GDP shares of the sector. I was unable to verify that data from any of the sources you have mentioned. In fact, that certain piece of data was not found anywhere on the internet. I was unable to find any data on sector wise tax revenue share. Do help me out with this one since I believe the industry paying 94% of taxes seems like a stretch unless I’m missing something. Thank You!
Sir after examplary figure kindly use accurate figures plus mention the reference page and book from where u are reading it becoz being a student of competitive exams it would really help us
I think Introducing licenses for the retail, real estate and agriculture businesses should be a must. Without Licenses none of them should operate. Those operating with licenses will have to comply with tax rates imposed or else their licenses would be revoked.
Very insightful and easy to understand video. Your choice of words and extensive research makes these videos more informative. Looking forward to the upcoming video on debt
It's refreshing to see such a concise video filled with nuance, something only Junaid could accomplish. I've always been curious about Junaid's next move, especially since the Careem Mafia has achieved incredible things while their leader stays out of the spotlight. A common trait among Careem's talent (that I found and felt) is their urge to maximize their impact within their sphere of influence, and maybe this move proves my pseudo-theory. I'd love to see more content like this.
Another great episode. I am so surprised by the low taxes on agriculture, yet it seems like agriculture output is declining? I may have read that agricultural imports are rising too. Is our agriculture sector inefficient? Are the politicians from the agricultural / land owner backgrounds not contributing enough to the economy? Not sure about retail but real estate (and agriculture) definitely need to increase tax output.
WAS. We thought about this. If we use Urdu numbers, like arab, kharab, hazar arab, etc, it gets confusing very easily. The idea for using 100rs is so everyone can understand. And the actual numbers are given in sources. But let us think about this. Thank you for the suggestion
On agriculture a production tax should be levied, similar to Ushr. A production tax would yield dramatically more for the gov., it would place less burden on farmers compared to the 45% tax IMF wants to be levied, and it would be far more easier to collect at the time of crop harvest. If you simply run the numbers on just wheat: 30mn tons Annual production * 5%= 1.5mn tons Price per ton as of 30-Aug-2024= $224 Total wheat tax collection worth: $336 million ~ PKR 93.5 billion The great thing is that you have a valuable commodity at hand which you can either export, swap for dollars, or distribute to the poor through Ehsaas program. A production tax just gives the ability to do so much more. Add in Cotton, Rice, Sugarcane, Maize, Orchards and $1-2 billion may be within reach. This is my view coming from a farming background.
A lot of effort is visible in video making and the intention to elaborate the intricate issues of Pakistan. Link of previous video which is being referred must have been provided in the description.
Hi, Junaid sb. Wanted to understand if you could reply that how come we have only 3.9m filers in Pakistan? That number seems very low considering the majority salaried class are filers and tax deduction is done before receiving salary.
Hello Talal sb. There is a difference between a payer and filer. Let's say you are salaried, and your tax is deducted at source. This makes you an income tax payer. To be a filer, you have go to complete your tax assessment and at the end of the fiscal year, file you income and wealth statement with the FBR website. If you have overpaid taxes (income, withholding, etc), you ask for what is called a rebate. If you have under paid, you submit the difference with NBP. A filer is someone who's income, expenses and assets is known to the state. In any developed country, being a 'non filer' is an alien concept.
The graph of the Agricultural production is on decline. The governments had paid less attention to agricultural sector since last decades. Any further increase in taxes will curtail its production. What we expects from governments are reforms and subsidies to the farmers. Now if the government through its policies inject investments. Then we can expect maximum tax collection from this sector. Now as for as it comes to Real Estate sector, unfortunately it had diverted our entire direction from industrial production and export. As per my analysis an enormous imposition of taxes on real estate sector is necessary to cool down it. So that to force masses to invest in some other sectors..
There needs to be a balance amongst all sectors for tax collection. Where the sectors that pay minimal tax, their contribution must increase while the sectors (like salaried class) needs to come down to reduce the tax burden on them. In the recent years, while inflation rates have going up drastically, making individuals rethink their expenses, the top slab of the income tax of the salaried class has been brought down from 12million (monthly salary of 1m) to 1/3 of that at 4million (monthly salary of 333K). People in the top bracket pay taxes (direct and indirect) of over 40% if not more. This in return means that some one with an income of 333K is left with less than 200K of tax free income.
As mentioned in the video, our parliament is filled with agriculturists and landlords. Additionally, our army is involved in the real estate business. All three sectors should be taxed, but I doubt if it will happen.
in conculsion we are paying high but due to corruption like fly invoices etc Commulatively it,s pretend that we collect on lowest in region. Need to impose huge panelty on employees and traders or individuals who involve in this curruptions.
There is no such thing an a non filer.everybody is paying taxes in someway or another.Instead of blaming the masses the govt should admit its failure in digitization end to end process and to do away with this faulty system of tax filing based to declaration alone.GST rate should be brought down or eliminated on certain essential items and their inputs.
Not true. there are a lot of large cash businesses who operate as non filers. they do pay withholding taxes but effectively, for every 100 rs earned, they pay drastically less than what the salaried class and formal services/industrial sectors pay. Those in the net ALSO pay the other indirect taxes that non filers pay.
@@junaidiqbal79 The self assessment system itself is broken.If we could move to an algorithmically driven system which is fully automated that could solve this issue.We also need to withdraw all tax exemptions and move to a performance linked system
![GEEK TIMË [OFFICIAL AUDIO]](http://i.ytimg.com/vi/ry-6RvkH880/mqdefault.jpg)
This video is based on publicly available macroeconomic data on Pakistan. If you are interested in further reading, please see the following sources:
download1.fbr.gov.pk/Docs/2023112812111769FBRREVENUEDIVISIONYEARBOOK2022-23.pdf
finance.gov.pk/fiscal/July_June_2022_23.pdf
Finally finally I found someone in my country who is making specific quality videos on finance I'm really happy I always used to find any Pakistani specific quality channel about finance but are rare
I came across this channel through a RUclips advertisement and realized how informative and valuable the videos are. When I visited the channel, I noticed that it only had a few thousand subscribers. Without hesitation, I subscribed to support its growth. I believe that by subscribing, we can help channels like this one thrive.
These videos should be mandatory part of school curriculum in Pakistan.
Yes of Course i am supporting you on this
i am amazed . for me these topics are very very boring I cant watch nay video or podcast on texes etc but i have watched 15 minutes video completely with so much attention like someone is directly telling me this information
Real estate and retail need to be taxed like the rest. These kinds of non partisan explainers are what Pakistanis need at the moment. Hope to see more videos focusing not only on the economy but social issues like education & healthcare. This is truly something new for Pakistan’s digital landscape.
Thank you :)
here after Muzammil bhai's recommendation. thank you for educating us Sir.
amazing video , yes govt must add agriculture, retail and other un taxed sectors in tax net . waiting for next video
Fantastic video. Yes all 3 sectors needs to be taxed
00:01 Tax collection in Pakistan is very low compared to other countries.
01:55 Tax filers have formal relationship with the state
03:44 Indirect and sales taxes are regressive due to higher burden on the poor
05:38 Progressive taxation ensures the wealthy pay higher taxes.
07:34 Importance of corporate tax contributions in Pakistan
09:25 Discrepancy in real estate taxation and overall tax system complexity
11:19 Taxation inefficiency and complexity
13:16 High tax rates and unfair distribution
Thank you
In Sha ALLAH i will support this channel from my heart, Pakistan mai es tarha ke educational channels ki buhat zarorat hai awaam ajeeb vlogging aur dramas mai apna time waste krti hai.
Brilliant video , It is important for this kind of input to create awareness among the masses, which will ultimately lead to the government making the necessary changes..
Thank you
@@junaidiqbal79 Your’e doing a phenom public service. Please create slightly simpler videos stating these facts in Punjabi, Sindhi, Pashto etc so rural folk can also begin to understand these complex governance issues.
Yes agriculture, retail and real estate secters should be taxed and properly regulated
Brilliant work. Business class of Pakistan needs to be brought into the tax net, government needs to crack that, otherwise it will create mistrust in the masses. In real estate and retail there should be progressive taxation, the blanket approach would lead to problems!
Great work we need you type of people in Pakistan❤❤❤❤
A comprehensive video, explaining all the flaws in our taxation system.👌
such a great initiative, I always felt a gape between industry experts sharing their thoughts on current situation in this country with facts and figures and I think this is a really good start for that.
Could you talk about solutions too in detail? For example, could you explain how the state can collect tax from real state sector?
Its a great question. Political and administrative will
explained so eloquently! all the three sectors you mentioned should be taxed.
Very informative content.
Bohat zbrdst video ,editing, research,bgm etc.
Thank you
The taxationanalysis is wonderful. I think that the Ashrafias must must curtail their Shahana expenditures first only the the revenue earned from taxation will be properly utilized.
Sir, You are doing a great job. Please continue this work.
I think that real estate, retail and agriculture should be taxed as much the industries are being taxed
Brilliant video, although I was concerned about the last dataset with Tax & GDP shares of the sector. I was unable to verify that data from any of the sources you have mentioned. In fact, that certain piece of data was not found anywhere on the internet. I was unable to find any data on sector wise tax revenue share. Do help me out with this one since I believe the industry paying 94% of taxes seems like a stretch unless I’m missing something. Thank You!
Great explanation, thank you!
Sir after examplary figure kindly use accurate figures plus mention the reference page and book from where u are reading it becoz being a student of competitive exams it would really help us
I think Introducing licenses for the retail, real estate and agriculture businesses should be a must. Without Licenses none of them should operate. Those operating with licenses will have to comply with tax rates imposed or else their licenses would be revoked.
Very insightful and easy to understand video. Your choice of words and extensive research makes these videos more informative. Looking forward to the upcoming video on debt
It's refreshing to see such a concise video filled with nuance, something only Junaid could accomplish. I've always been curious about Junaid's next move, especially since the Careem Mafia has achieved incredible things while their leader stays out of the spotlight. A common trait among Careem's talent (that I found and felt) is their urge to maximize their impact within their sphere of influence, and maybe this move proves my pseudo-theory. I'd love to see more content like this.
Lols how easily you explained so many things, sectors and problems ... Well done!
decently explained.
Definitely Real Estate pe tax lgna chahiye easy money kay mawake htm krne chahiye
Thank you so much Sir
Please also define the technical terms you use while explanation, in short and layman language with easy example.
Sir, you should define the key terms you use in your video like wht is GDP,...
Hello Waqar - thanks for the suggestion. We will try to explain as many as possible
Very learned person.
Great work Junaid and team. Knew from St Michaels days you would do great stuff
Another great episode. I am so surprised by the low taxes on agriculture, yet it seems like agriculture output is declining? I may have read that agricultural imports are rising too. Is our agriculture sector inefficient? Are the politicians from the agricultural / land owner backgrounds not contributing enough to the economy? Not sure about retail but real estate (and agriculture) definitely need to increase tax output.
Output is declining, yields are lower than global standards. And yes, we now import ~$8bn worth of food items.
Your Video Quality is#1 in Pakistan
As a video editor, Can I copy sone animation from your video??
TAX MUST BE IMPLEMENTED ON AGRICULTURE SECTOR AT ANY COST..
Why? Even on corporate agriculture?
Thanks
Very informative
Great video! Just a suggestion if you can lower down the volume of background music, it is distracting at times.
Thank you. We will adjust :)
with budget 2024, how much has any of this changed; if any? except for the income tax rates increasing for salaried class
Some numbers may have tweaked a few point here and there but directionally no change
Assalam Alaikum junaid bhai please use actual numbers while giving examples as it will be easy to one’s understanding.
WAS. We thought about this. If we use Urdu numbers, like arab, kharab, hazar arab, etc, it gets confusing very easily. The idea for using 100rs is so everyone can understand. And the actual numbers are given in sources. But let us think about this. Thank you for the suggestion
@@PakistanAndCounting Thank you for consideration.
Please keep bg music decibels low
On agriculture a production tax should be levied, similar to Ushr. A production tax would yield dramatically more for the gov., it would place less burden on farmers compared to the 45% tax IMF wants to be levied, and it would be far more easier to collect at the time of crop harvest.
If you simply run the numbers on just wheat: 30mn tons Annual production * 5%= 1.5mn tons
Price per ton as of 30-Aug-2024= $224
Total wheat tax collection worth: $336 million ~ PKR 93.5 billion
The great thing is that you have a valuable commodity at hand which you can either export, swap for dollars, or distribute to the poor through Ehsaas program. A production tax just gives the ability to do so much more.
Add in Cotton, Rice, Sugarcane, Maize, Orchards and $1-2 billion may be within reach.
This is my view coming from a farming background.
A lot of effort is visible in video making and the intention to elaborate the intricate issues of Pakistan. Link of previous video which is being referred must have been provided in the description.
Hi, Junaid sb. Wanted to understand if you could reply that how come we have only 3.9m filers in Pakistan? That number seems very low considering the majority salaried class are filers and tax deduction is done before receiving salary.
Hello Talal sb. There is a difference between a payer and filer. Let's say you are salaried, and your tax is deducted at source. This makes you an income tax payer. To be a filer, you have go to complete your tax assessment and at the end of the fiscal year, file you income and wealth statement with the FBR website. If you have overpaid taxes (income, withholding, etc), you ask for what is called a rebate. If you have under paid, you submit the difference with NBP. A filer is someone who's income, expenses and assets is known to the state. In any developed country, being a 'non filer' is an alien concept.
Sir Punjab revenue authority par video bna day
sir msla ye hai m jo tax development m lgna chahiye uska bhi nhi pta k wo development m use ho bhi raha hai ya nhi
Yes, lot of leakages, cost overruns, project delays.
background music is too loud
Really enjoying the videos
The graph of the Agricultural production is on decline. The governments had paid less attention to agricultural sector since last decades. Any further increase in taxes will curtail its production. What we expects from governments are reforms and subsidies to the farmers. Now if the government through its policies inject investments. Then we can expect maximum tax collection from this sector.
Now as for as it comes to Real Estate sector, unfortunately it had diverted our entire direction from industrial production and export. As per my analysis an enormous imposition of taxes on real estate sector is necessary to cool down it. So that to force masses to invest in some other sectors..
Sir zarat pa nhi lagna chahiyeh mostly ku main source h
Great videos sir. Keep it up!!
Why government can't impose taxes on landlords and industrialist?
Real State,Agriculture & Retail should be taxed
There needs to be a balance amongst all sectors for tax collection. Where the sectors that pay minimal tax, their contribution must increase while the sectors (like salaried class) needs to come down to reduce the tax burden on them. In the recent years, while inflation rates have going up drastically, making individuals rethink their expenses, the top slab of the income tax of the salaried class has been brought down from 12million (monthly salary of 1m) to 1/3 of that at 4million (monthly salary of 333K). People in the top bracket pay taxes (direct and indirect) of over 40% if not more. This in return means that some one with an income of 333K is left with less than 200K of tax free income.
Yes off course these sectors must be taxed
Damn!
As mentioned in the video, our parliament is filled with agriculturists and landlords. Additionally, our army is involved in the real estate business. All three sectors should be taxed, but I doubt if it will happen.
Is the sales tax in Pakistan levied at the federal level or provincial level?
Federal level
Yes, sales tax is a provincial subject
Sales Tax on Goods is Federal.
On Services is Provincial.
in conculsion we are paying high but due to corruption like fly invoices etc Commulatively it,s pretend that we collect on lowest in region. Need to impose huge panelty on employees and traders or individuals who involve in this curruptions.
agri tax is a joke. not surprising though
There is no such thing an a non filer.everybody is paying taxes in someway or another.Instead of blaming the masses the govt should admit its failure in digitization end to end process and to do away with this faulty system of tax filing based to declaration alone.GST rate should be brought down or eliminated on certain essential items and their inputs.
Not true. there are a lot of large cash businesses who operate as non filers. they do pay withholding taxes but effectively, for every 100 rs earned, they pay drastically less than what the salaried class and formal services/industrial sectors pay. Those in the net ALSO pay the other indirect taxes that non filers pay.
@@junaidiqbal79 The self assessment system itself is broken.If we could move to an algorithmically driven system which is fully automated that could solve this issue.We also need to withdraw all tax exemptions and move to a performance linked system
i m so sorry you are wasting time on fake books this will never ...................