Saturday, 24th February, 2018

Snippets

Government to introduce 10% tax on piggy bank savings

02, Feb 2018 By Sandeep Kadian

New Delhi: A day after Finance Minister Arun Jaitley presented the Union budget, Government has shocked everyone by deciding to go after the savings collected by children in their Piggy banks. A new 10% tax has been introduced on the piggy banks and every child keeping a piggy bank at home will have to pay 10% of the amount he has saved till now. 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 at a nominal rate of 10%. Children will be allowed to access the money in their Piggy banks only in the presence of a government official. The money inside will be counted and 10% will be taken by the government official. All the deposits in Piggy banks from 1st February 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 them to get used to the idea of paying tax. That way, by the time they reach voting age, they will be so used to paying taxes that any new tax won’t affect their voting choice and we will be free to introduce more taxes without worrying about elections.”

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.