The Federal Finance Minister has said that the aim is to provide subsidies to the lower salaried class in the new financial year, relief has been given to many sectors in the budget.
While holding a post-budget press conference with Minister for Information and Broadcasting Atta Tarar, Minister of State for Finance Bilal Azhar Kayani, Secretary Finance Imdadullah Bosal, Chairman FBR Rashid Mahmood Langrial, and Head of Tax Policy Office Najeeb Memon, the Finance Minister said that last year, when we were sitting here talking about economic stability, we had said that we would move from stability to growth.
He said that steps have been taken in this budget to move from economic stability to economic growth. Steps have been taken in the budget to promote exports. Advance tax and super tax have been abolished. It is proposed to abolish super tax for all exporters. A subsidy of Rs 70 to 71 billion has been given so that exporters can get a favorable environment.
The Federal Minister said that financing will be available to exporters at 4.5 percent. Duty on import of raw materials has been reduced to reduce production costs. The export figures of goods and services are very encouraging. Tax on the sale and purchase of property has been reduced for the construction sector and the housing sector is important in this, for this too, the tax rates have been announced in the budget.
He said that agricultural credit and financing have increased by 15 percent. This time some financial resources have been made available and they have been used to the fullest.
Addressing the post-budget press conference, Federal Finance Minister Muhammad Aurangzeb said that our priority has been on export-led growth. Super tax has been abolished for all exporters. An additional subsidy of Rs 70 billion has been given for financing. Export of goods and services is important for our economy.
He said that the aim is to provide subsidies to the lowest level of the salary class. A lot of work has been done for the pro-business budget. Agricultural financing has been increased to a considerable extent. It was planned to bring a scheme for small farmers. Youth loans of Rs 262 billion have been set aside for the youth. Taxes on goods procured for the agricultural sector have also been completely abolished. Technology is needed for good production in agriculture.
The Finance Minister said that the price of oil has increased significantly due to the ongoing war in the region. Pakistani leadership is not giving up its courage to establish peace. Our leadership is playing an important role for peace in the region. Steps have been taken regarding the supply and price of oil. The provinces have also contributed to the defense budget.
Muhammad Aurangzeb said that there were many rumors regarding tax on solar panels. We do not have a shortage of resources. We have to promote public-private partnership. The Sindh government has shown this under public-private partnership in other projects including coal.
He said that the limit of petroleum levy is not being increased. Only the levy on petrol and diesel keeps changing. Regarding the merger of SIFC and the Board of Investment, it seemed that duplication was taking place, so the process is ongoing.
The Finance Minister said that the Prime Minister has taken a principled decision to merge SIFC and the Board of Investment. Economic stability is not a destination. Economic stability is only basic hygiene. First, local investors will invest, then foreign investors will come. He said that we are in the IMF program and there is continuous consultation with the IMF.
He said that I have received an SMS from the FBR that this time your credit card bill is so big, you should finalize the returns.
The Prime Minister has fulfilled his promise to the public and the salaried class, Bilal Azhar Kayani
Minister of State for Finance Bilal Azhar Kayani said in a press conference that this is the public budget of Prime Minister Shehbaz Sharif’s government. This is the budget of the salaried class, industrialists and traders. The Prime Minister had said many times that the salaried class is bearing the highest tax burden and should provide relief whenever the opportunity arises. Therefore, this time in the budget, the Prime Minister has fulfilled the promise made to the people and the salaried class.
The relief given in the budget is behind 2 years of bloodshed, Attaullah Tarar
Federal Minister for Information and Broadcasting Attaullah Tarar said that the financial capacity that has been created and the relief given in the budget is behind 2 years of bloodshed. He said that the culture of recommendation from the FBR has been eliminated. Today, if I recommend the transfer and appointment of an officer to the Chairman FBR, the order for the suspension of that officer will be on my table by evening. Now people do not even contact the FBR for recommendations.