Hafeez Sheikh, Advisor to Prime Minister Imran Khan on Finance, has said that he has tried to give a balanced budget in the most difficult circumstances.
He says that he has abolished or reduced taxes on thousands of items.
Addressing the International Economic Conference via video link, Hafeez Sheikh said that the government has significantly reduced its expenditure and is doing what is possible in these circumstances.
Hafeez Sheikh said that without any political, religious or regional distinction,corona victims were given cash, the government paid the 3-month bill of low-electricity consumers.Rs 50 billion for agriculture and utility stores was subsidized.
He said that the most difficult negotiations were done with the International Monetary Fund (IMF), and gave a good package for the construction sector. Abolished or reduced taxes on thousands of items, abolished 10 types of withholding taxes altogether.
The finance adviser said that the federation pays 60 percent of the revenue to the provinces, the central government’s revenue is Rs 2,000 billion.The tax collection target for the next financial year is bold, next year 2700 billion will be spent on debt repayment.
Hafeez Sheikh further said that SBP has been given autonomy and primary balance has been surplus for the first time.
It may be recalled that the total volume of the budget for the next financial year is Rs. 71.37 trillion.Government revenue estimates from the Federal Board of Revenue (FBR) in the form of revenue of Rs 4963 billion.Rs 1610 billion has been earmarked for non-tax revenue.
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