Govt to Raise Tax on Online Gaming and Social Media Apps
Increased taxes on social media platform income are in the works, as the federal government considers a proposal to raise taxes. The newly developed wave of inflation has had a negative impact on several areas of society. The increase in inflation is being justified to Pakistani citizens as a means of repaying the IMF loan.According to the foreign lender’s terms, plans are in the works to raise taxes on income over Rs1 million per year.
The IMF decides to ensure that the government adheres to strict conditionality as part of its programme. This programme has resulted in measures such as reductions in income tax credits and allowances.
According to reliable sources, an increase in taxes on income from social media sites such as online gaming, TikTok, and YouTube is also on the way.
If the taxes are applied, only time will tell. These higher levies may not be well received by content creators. This new tax scheme has the potential to be a double-edged sword. Given the new taxation policy, persons involved in the social media business may be compelled to leave the platform and seek alternative pathways for success.