Friday, July 19, 2024

Higher Taxes On Salaried Class Forcing Skilled Professionals to Leave Pakistan

The Pakistan Business Council has sounded the alarm about a significant increase in the emigration of skilled professionals, reporting a 119% rise in such departures. This trend has sparked serious concerns about the potential loss of talent and its adverse impact on the country’s economy.

The council pointed out that the proposed tax changes could worsen the situation by encouraging more professionals to move abroad or shift to informal sectors and regions with lower taxes. This brain drain could deprive Pakistan of valuable skills and expertise, hindering economic growth and development.

With the growing number of skilled workers leaving the country, businesses are worried about finding qualified professionals to fill key roles. This talent exodus not only affects the immediate availability of skilled labor but also undermines long-term prospects for innovation and competitiveness.

The council emphasized the need for a more balanced tax policy that does not disproportionately burden salaried individuals. They argued that retaining skilled professionals is crucial for maintaining a strong, sustainable economy. The business community urges the government to reconsider the proposed tax hikes and explore alternative measures to keep talent within the country.

As the debate over tax policy continues, the focus remains on finding solutions that support economic stability and growth while ensuring that Pakistan retains its skilled workforce.

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