As always, the taxes proposed in the 2008-09 federal budget would not affect the common man. Chairman Federal Board of Revenue (FBR) said the other day that one percent increase in sales tax (GST) rate would not result in increase in prices of essential commodities.
And since Chairman FBR is a noble person, let us all believe in what he says. The volume of subsidies on POL products has been reduced but this would have no negative impact on prices.
Electricity and gas charges have gone up but this would not affect the poor and lower middle class. Federal excise duty on a number of products, such as dairy products, and services, like telecom and banking, have increased but this would not burden the common man.
The masses shall be rest assured that the government would not allow increase in prices of any item as a consequence of new taxes imposed. If a spiral increase in prices of essential commodities is witnessed this would be without the government's permission, of course.
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