Thursday, 18th January, 2018


After taxing EPF, Government to tax children’s Piggy banks

01, Mar 2016 By Sandeep Kadian

New Delhi: After dropping a bombshell on salaried employees by imposing a tax on employee provident fund (EPF), Government has decided to go after the savings collected by children in their Piggy banks. Piggy Bank

“We can’t be seen as being selectively biased against the salaried class so we have decided to tax everyone’s savings, including children’s. Many people were saying that government is taxing only its core vote base of middle class Indians so we decided to tax those who aren’t even eligible to vote. This shows how impartial we are while screwing people”, a finance ministry spokesman told Faking News.

“Piggy banks will be taxed similarly to EPF. Children will not be allowed to access the money in their Piggy banks till they reach adulthood. Once they reach adulthood, they will be taxed if they take out all the money in their bank at the same time. If they agree to a monthly payment from the government, they can escape this tax. All the deposits in Piggy banks from 1st April onward will be covered in this Piggy tax”, the Finance ministry spokesman said explaining Piggy Bank Tax.

When we asked why the government is trying to control a child’s own money, the spokesman said, “See this is for the benefit of these children only. We want to discourage them from taking out all the money at the same time as they may blow it all up on alcohol and cigarettes that they may think about buying once they become an adult. We want to promote monthly payment schemes as this will ensure regular pocket money for a long time.”

Every child owning a Piggy Bank will have to register online with their Aadhar Card within next 30 days. Any unregistered Piggy bank will be deemed illegal and can be confiscated by the government without any further notice.

Meanwhile, Opposition parties are not sure whether to oppose this move or not as children aren’t anybody’s vote bank.