After raising the prices of petrol, gas, and electricity, the government is planning to raise taxes on content creators and online freelancers, worsening the financial situation of low-income individuals, according to Media Sources.
According to Federal Board of Revenue sources, the taxes will be enforced in accordance with the International Monetary Fund’s rigorous terms (IMF). They said that the privileges and subsidies they had received will be taken away in the future budget. The federal government is considering raising taxes on freelancers and content creators who make money on sites like YouTube and TikTok.
The federal government is considering putting a 30% tax on freelancers and content creators in the upcoming budget for fiscal year FY2022-23, according to the information.
According to reports, a number of ideas have been made, including raising tax on income of more than one million rupees per year, earning on social media and online freelancing, and earning from online games, TikTok, and YouTube, all of which could be included in the upcoming budget. According to the sources, online platforms and social media applications would open offices in Pakistan. They also stated that earnings from social networking apps would be made in Pakistani currency.
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