Facebook posts of some members of Pakistans business and economics community read Happy New Fiscal Year yesterday. The idea is not widely celebrated elsewhere; not even in the developed west where financial literacy is arguably at higher levels, but at the same time it is not entirely unknown there.
While friends and families may not be hosting new fiscal year parties for each other, nerds from the business and economics establishment, newspapers, charity newsletters and income tax associations often send out greetings via cards and newsletters.
In Pakistan, this trend is even more invisible. Some (read: scant) Pakistani firms send out new diaries to their clients (mostly carrying key takeaways from the latest finance bill). But thats it. Finding new fiscal year greetings is like finding needle in a haystack, whereas all other forms of new years and anniversaries, commemoration or memorial days are annoyingly loud and visible. One main reason behind this trend may be the fact that very few people understand the seemingly complicated world of finance. But that is exactly the point.
While conventional new years (Roman, Islamic or Chinese) are largely symbolic with sentimental values, the only relevant new year is the fiscal new year, since it is the fiscal year that directly and indirectly affect all members of the society.
From matters of inflation, to business growth, to disposable income and a whole lot of other facets of life are dictated by how the city council, provincial or federal government plans to tax and spend in the next fiscal year. This means you can actually have a better chance of knowing whether or not you will have a good year.
Celebrating a new fiscal year may also have other benefits. By popularising the tradition of celebrating new fiscal years, there is a chance more and more people - people who do not necessarily understand the complicated world of finance - will know a little more about how the budgetary decisions affect their lives. The idea may not go down well initially, but its worth a try. And while the Chundrigar Club chews on the notion, BR Research hopes you have great new fiscal year.
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