ISLAMABAD: Minister of Finance Miftah Ismail said on Saturday what fiscal consolidation is first and top priority of in government it requires hard decisions to deal with with difficult economic situation.
Turning to post-budget press conference together with Minister of State for Finance and Revenue Dr. Aisha Gaus Pasha and others, financial minister said the International Monetary Fund (IMF) is pleased over Personal Income Tax (PIT) Relief for Rs 100,000 or Rs 20,000 income category of hired class. However, he said he would negotiate. with fund, adding that first and top priority of in government fiscal consolidation ahead of moving on to growth.
He said he didn’t see more hard time in in last 30 years old and stated that on in face of global challenges nothing was done by the previous administration. As if administrative affairs of country is not improved then it’s hard run country. He expressed regret that $2.4 billion worth of gas is being wasted. in in air. We can’t afford expenses that we can’t afford, he added.
minister said the subsidy of Rs 400 billion has been allocated to the gas sector. over Rs 1.100 billion power sector in current fiscal year as well as added what over twenty percent gas in SSGCL is UfG while gas sector circular debt is over 1400 billion rupees.
Budget to focus on on fiscal consolidation and maintenance growth: Miftah Ismail
He also stated that high price of electricity, despite the subsidy provided, was mismanaged in sector, as transmission and distribution were neglected for last four years.
Finance minister said that if the previous government of Punjab vows to provide gas to export-oriented industry, federal government will fulfill the obligation to compete with regional countries which are cheap on gas.
He said that until now there was no other choice. government but it’s hard to take decisions and this budget was prepared in Against this background, it was predicted that the budget deficit would reduced up to 4.9 percent for in next fiscal year and federal government would left with nothing after debt service from total revenue collection of Federal Council of Income (FBR). He said that of in total collection of taxes of Rs 7,004 billion projected for in next fiscal year4 billion rupees will be transferred to the province. Ismail said that they would bring 2.5 million shopkeepers in tax net this is year. Finance minister said the efforts were made in in budget get more share from the rich and help the people added.
Speaking on occasion, minister of State for Aisha Gaus Pasha stated that budget accepted strategy of minimizing the burden on in people and many measures in in budget in in this respect. She said to deal with in challenge of inflation government did not impose an indirect tax and provided a subsidy to the low-income segment. However, she said that inflation over in world due to super cycle of price increase in in international market. Both minister said the BISP allocation had been increased to make it easier people.
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