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Thursday, May 23, 2024

PTI govt’s initiative to impose no new taxes hailed

Despite pressure from the International Monetary Fund (IMF), the government did not focus on increasing revenue by introducing new taxes.

Federal Minister for Energy, Muhammad Hammad Azhar on Friday said the government had not imposed any new tax in the fiscal budget 2021-22.

Talking to a private news channel, the minister termed the fiscal budget a people-friendly to provide relief to the common man as the government allocated huge amount for all development sectors.

He stressed the need to improve tax system rather than imposing tax burden on masses. The country’s economy was strengthening due to prudent economic policies of the incumbent government, he remarked.


He said the government had performed excellently to achieve growth target given by the International Monetary Fund (IMF) besides diminishing circular debt which was positive indicators for the national economy.

Hammad Azhar said the previous government of Pakistan Muslim League-Nawaz had signed redundant and expensive power projects in the country.

Citizens have hailed the government’s initiative to impose no new taxes on the salaried class. They believe that the tax base should be widened to increase the tax revenue rather than imposing more taxes on already burdened taxpayers.

The incumbent government was negotiating with IMF to set the prices of power tariff, he informed.

Read more: Everyone will be happy after budget: PM Imran Khan tells journalist

Finance Minister’s Speech

The Finance minister talked about the wrong policies of the preceding governments and mentioned the reforms brought upon by the incumbent government.

He mentioned that the government has moved from stabilization to a growth policy. The policies by the government have gone from reactionary to proactive measures.

He mentioned the improvements in the agriculture and industrial sectors of Pakistan. The Economic growth is based on 2.77, 3.57, and 4.43 percent growth in the agriculture, industrial, and services sector, respectively, Minister said.

Read more: Remittances cross $2 billion for 12th consecutive month, SBP

The minister mentioned the ‘prudent policies’ like that of smart lockdown, the help granted to 12 million families under the Ehsaas Programme.

The increase in remittances has proven the trust of overseas Pakistanis in Pakistan, the minister said, adding that Remittances clocked in at a record high, surpassing $26 billion during the year under review. The finance minister said they are expected to amount to $29 billion.

APP with additional input by GVS News Desk