No new taxes in upcoming budget, says finance minister

shaukat tarin budget relief new taxes economic growth

ISLAMABAD: In a bid to provide maximum relief to the common man, Finance Minister Shaukat Tarin has announced that the federal government would not impose new taxes in the budget 2021-22, ARY News reported on 

Addressing a budget webinar in Islamabad today, Finance Minister Shaukat Tarin said that no new tax would be slapped on taxpayers, adding that they would trace tax evaders via modern technology and send them to the prisons.

He maintained that achieving sustainable development goals was the top priority of the incumbent government. The finance minister said agriculture, industries, IT and service sectors will be incentivized in the next budget to enhance their productivity.

Read More: ‘Upcoming budget envisages maximum relief to common man’

He further said the government has a progressive plan for the development of agriculture sector. Enhancing its productivity will also help check the prices of food items.

“The tax rates will not be increased,” he said, adding that they have figured out a plan to enhance our revenues.

He expressed the confidence that the tax collection will reach 5.8 trillion rupees next year. He said technology will be used to achieve the target without any coercion.

Shaukat Tarin said power sector will be stabilized and innovative ways will be used to reduce the ballooning circular debt. He said Prime Minister Imran Khan has given the commitment that there will be no increase in electricity tariff in the near future.

He reaffirmed the government’s commitment to put the country on the path of inclusive and sustainable growth.  He said the Economic Advisory Council comprising of eminent economists has been tasked the responsibility to prepare short, medium and long term plans for various sectors including agriculture, manufacturing, power, housing etc.

On the development side, Shaukat Tarin said the PSDP allocation will be increased to nine hundred billion rupees in the next financial year from the current year’s 650 billion rupees.  He said private sector will also be included in the development process

The post No new taxes in upcoming budget, says finance minister appeared first on ARY NEWS.



from Business – ARY NEWS https://ift.tt/3wKCqei

Comments

Post a Comment

Popular posts from this blog

Exports grow 17.3% to $2.35bn in July

ISLAMABAD: Pakistan’s exports grew by 17.3 per cent to $2.35 billion in the first month of the fiscal year 2021-22 i.e. July as compared to last year’s same period. This was stated by Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood. He tweeted: “During the first month of this financial year (July), our exports grew at 17.3% to USD 2.35 billion as compared to USD 2 billion in July 2020.” Also Read: FAWAD HOPEFUL PAKISTAN WILL START EXPORTING VENTILATORS THIS YEAR “These are the highest ever exports in the month of July,” the PM aide said, urging exporters to “move full speed ahead to make 2021-22 another record-breaking year for our exports”. Earlier, Prime Minister (PM) Imran Khan commended the efforts of the Federal Board of Revenue (FBR) for collecting the highest ever tax in the month of July. In his Tweet, PM Imran Khan said, the collection in the month of July remained Rs.410 bn which is the highest ever in the month of July – & around 22% abo
Read more

74% of improvement works completed in three stations of Dubai Metro Red Line

Image
The Roads and Transport Authority (RTA) has completed 74% of a project to improve the entry points of three stations on the Dubai Metro Red Line namely the Dubai Internet City Station, Dubai Marina Station and the UAE Exchange Station. The selection of these stations was based on several criteria including the ridership, the number of users from People of Determination, the population density of the area, the geographical distribution of the surrounding areas, and the number of intermodal mobility journeys. The project aims to increase the capacity of stations to improve customers experience and improve the entry/exit points of stations to cater to the requirements of supply and demand in the area. The project will also contribute to transforming Dubai into a friendly city for people of determination and enhancing the connectivity with the metro stations. These improvements, which are funded by partners, will augment RTA’s revenues by creating additional space for commercial use. T
Read more

KE issues clarification on power tariff hike request

KARACHI: Karachi-Electric (KE) has clarified that it has requested the NEPRA for a tariff hike, which will have Rs0.49/kWh average impact of Fuel Cost Adjustment (FCA) of 6 months.  The KE spokesperson further clarifies, “the request made to NEPRA is in line with the mechanism given in KE’s Multi-Year Tariff whereby changes in fuel prices, generation and power purchase mix are passed through to customers along with certain annual adjustments.” “The major impact in monthly Fuel Cost Adjustment is due to increase in global prices of furnace oil, and RLNG. In line with KE’s request, NEPRA has scheduled a public hearing to allow Monthly Fuel Cost Adjustments (FCA) for the months of January 2021 to June 2021, and Quarterly power tariff variation for March 2021. Subject to the NEPRA Authority’s approval, the actual overall average impact of requests will be only PKR 0.49/kWh,” the spokesperson further added. The KE Spokesperson further adds, “similarly, the quarterly tariff variations inc
Read more