Federal Finance Minister – Shaukat Tarin addressed tax, economic growth, IMF and multiple other issues in his post-budget press briefing on Saturday (today).
During the press conference, Shaukat Tarin categorically turned down the possibility of tax on cellphone calls, SMS, internet data contending that the federal cabinet had rejected this proposal.
The finance minister was also accompanied by Federal Minister for Industries and Production Khusro Bakhtiar, and Adviser to the Prime Minister for Commerce and Industries Abdul Razak Dawood and Special Assistant to the PM on Poverty Alleviation Dr Sania Nishtar.
Addressing the issue of revenue generation, Shaukat Tarin apprised that the government aims to collect additional Rs 500 billion in taxes in the next fiscal year.
Highlighting the imbalance between country’s imports and exports, the finance minister stressed that Pakistan needs to increase its exports to earn more dollars.
Read More: Federal Govt Presents Its Rs 8.4 Trillion Budget
Key Highlights Of Post-Budget Conference
- 4 million poor households to be provided house loans under Ehsaas Survey
- Incentives given to uplift both the agriculture and industries which will increase employability
- Taxes abolished to facilitate China’s investment in SEZs and various initiatives under CPEC
- Taxes on the IT sector to be rationalized in order to exploit its full potential
- Duties have been abolished on almost all the raw materials to strengthen the local industries and reduce imports.
- Prices of cars up to 850 cc will come down following the tax relief
- Farmers to get loans up to Rs 500,000
- Incentives given to the SMEs will help achieve higher growth in the industry
- Subsidies increased for power sector
- DISCOs will be operated through independent boards, to be privatized
- Tax to GDP ratio to be increased to 20% in the next 7 to 8 years
- Rs 5.8 trillion to be collected in taxes in the next fiscal year
- PSDP enhanced significantly to take the country towards sustainable growth.
- 1,500 acres industrial zone to be established in Karachi
- Steps taken to strengthen local industry and encourage “Made in Pakistan” approach
- Rs 260 billion allocated for Ehsaas Programme
- Ehsaas Waseel-e-Taleem Programme increased from primary to secondary and higher secondary level
- Government to provide 65,000 scholarships to under-graduates
Expressing his views on IMF-Pakistan partnership, Shaukat Tarin noted that the country needs 20% increase in exports to increase the national revenue.
Pakistan’s savings rate is at 15% and investment rate is up to 16%, he said.
It is to be noted that Federal Finance Minister Shaukat Tarin presented the Rs 8.4 trillion federal budget for FY2021-22 on Friday a day earlier.
