Finance Minister Says Budget Speech Contains No Promises That Cannot Be Fulfilled
Islamabad (Kudrat Daily) — Federal Minister for Finance Senator Muhammad Aurangzeb has said that there was nothing mentioned in the budget speech that the government would not be able to fulfill.
Speaking during a program on Geo News, Naya Pakistan, the finance minister said that the budget includes clear measures aimed at boosting economic growth.
He stated that an initiative has been introduced for IT exports and tax relief has been provided for the salaried class. He added that certain institutions cannot be privatized and may instead need to be shut down.
Senator Aurangzeb further said that no commitment was made in the budget speech that could not be delivered, adding that the benefits of digital monitoring have already started reaching two sectors.
He said the budget focuses on promoting exports, industry, IT, agriculture, and the salaried class. He added that loans of up to Rs10 million are being offered at a 5 percent interest rate.
The minister said that the super tax slabs have been rationalized, with the highest slab reduced from 10 to 8 percent for income above Rs500 million, while cross-subsidies in the energy sector have been eliminated.
He added that taxation procedures for exporters are being simplified and export refinancing is being expanded to support growth.
Senator Aurangzeb said that industries will only survive if they revise their business models, adding that the government’s priority is to strengthen export-oriented industry.
He further stated that previous Ramadan subsidy programs through Utility Stores had issues of corruption, and this year the government provided a direct subsidy of Rs40 billion instead.
