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ISLAMABAD, (MANEND NEWS): Finance Minister Shaukat Fayyaz
Ahmed Tarin has said the budget 2021-22 focuses on uplift of the poor
and sustainable economic growth through incentives for various
sectors including agriculture, industry and housing. Shaukat Tarin said
that Prime Minister Imran Khan and the Cabinet opposed the
imposition of tax on mobile phone calls, internet data and SMS after
which there will be no increase in the tax rate for all these services.
Addressing a post budget news conference in Islamabad on Saturday,
along with Minister for Industries and Production Makhdoom Khusro
Bakhtiyar, Advisor to PM Commerce and Investment Abdul Razaq
Dawood, Special Assistant to PM on Poverty Alleviation Senator Dr.
Sania Nishtar, Special Assistant to PM on Finance and Revenue Dr.
Waqar Masood Khan and other officials, Shaukat Tarin said the main
emphasis of the budget is to protect the vulnerable segments of the
society.
He said four million poor households, to be accessed through the
Ehsaas Survey, will be provided with interest free business and
farming loans. He said these households will also be given loans to
build their own houses. Besides, they will be given health cards and
one member of each family will be imparted technical training.
The Finance Minister said incentives been given to uplift both the
agriculture and industries which will increase employability. He said
the incentives in the industries are not only textile specific but have
been extended to different sectors. He said taxes have been abolished
to facilitate the investment of Chinese friends in the Special Economic
Zones being set up under China Pakistan Economic Corridor (CPEC)
project.
The Finance Minister said the taxes on the IT have been rationalized in
order to exploit its full potential. He said we want to substantially
enhance this sector’s exports in the years to come.
Shaukat Tarin said duties have been abolished on almost all the raw
materials, which he said, will strengthen the local industries and
reduce our imports.
The Finance Minister was confident that the prices of cars up to 850 cc
will come down following the tax relief given to the automobiles. He
said the incentives given to the SMEs will also help achieve higher
growth in the industry.
The Finance Minister said Prime Minister Imran Khan has given special
emphasis to the housing sector which will help strengthen the
industries allied with it.
Shaukat Tarin said the government has increased subsidies especially
in the power sector. He said we will bring efficiency in the power
sector. DISCOs will be operated through independent boards and they
will be privatized. He said line losses will be reduced and recoveries
will be enhanced.
The Finance Minister expressed the confidence that the revenue target
of 4.7 set for te current fiscal year. He said we have to enhance the
tax to GDP ratio to twenty percent in a period of seven to eight years.
He said our focus is to bring more people into the tax net instead of
imposing more taxes on the people already paying taxes. He said the
tax collection target of 5.8 trillion rupees has been set for the next
fiscal year which he will said will be achieved through innovative
approach including the use of latest technology.
He said the PSDP has been enhanced significantly to take the country
towards sustainable growth.
The Finance Minister expressed the confidence that the revenue target
of 4.7 trillion rupees set for the current fiscal year will be achieved. He
said we have to enhance the tax to GDP ratio to twenty percent in a
period of seven to eight years. He said our focus is to bring more
people into the tax net instead of imposing more taxes on the people
already paying taxes. He said the tax collection target of 5.8 trillion
rupees has been set for the next fiscal year, which he said will be
achieved through innovative approach including the use of latest
technology.
He said the PSDP has been enhanced significantly to take the country
towards sustainable growth.
Speaking on the occasion, Khusro Bakhtiyar said the government is
incentivizing small and medium enterprises sector, especially
automobile industry to increase job opportunities for the youth. He
said an industrial zone is being established on 1500 acres of land in
Karachi.
Abdul Razzak Dawood said massive relief measures have been taken
for import of raw material to strengthen local industry and encourage
“Made in Pakistan.”
Addressing the news conference Sania Nishtar said 260 billion rupees
have bene earmarked in the next budget for Ehsaas Programme.
She said six-month instalment of 12,000 rupees is being enhanced to
13,000 rupees under Ehsaas Kafalat Programme. She said Ehsaas
Emergency Cash Programme next phase will commence from the
upcoming week, which will benefit over ten million people.
Sania Nishtar said scope of Ehsaas Waseel-e-Taleem Programme has
been increased from primary to secondary and higher secondary level,
and now children studying in these levels can also benefit from this
initiative. She said 65,000 scholarships for under-graduates will be
given during the next year.
Responding to a question, the Finance Minister said the federal cabinet
did not approve the proposal to enhance charges of SMS, mobile
phone calls and interest.
Answering another question, he hoped that inflation will remain below
eight percent in the coming years. He also ruled out chances of
bringing any mini-budget. It is worth mentioning here that the post
budget press conference of finance minister and other ministers
continued for 2 and half hours.