Finance Minister (FM) Ishaq Dar has said mini budget will come to levy new taxes of Rs 170 billion.
“ every thing has been settled with IMF delegation mutually. Under these talks new taxes of Rs 170 billon will have to be imposed. It is our endeavor no such tax is imposed which becomes burden for common man. Mini budget will have to be brought for slapping new taxes, he said this while addressing a press conference here after return of IMF delegation from Pakistan Friday.
He indicated that draft of MEFP has been received after talks with IMF. Now virtual meeting will take place on Monday wherein we will take ahead the things.
He underlined that new taxes of Rs 170 billion will have to be slapped in IMF package. It is our maximum endeavor no such tax is imposed which becomes burden on common man. Mini budget will have to be brought to impose new taxes. Now we will see the matters of ordinance or mini bill with reference to it. We have to complete the program of Rs 170 billon this financial year.
He claimed this is such program of which Imran Khan had signed the agreement. This is an old agreement which remained deferred for some times. We are fully striving to fulfill this agreement.
He went on to say Prime Minister (PM) was in Lahore for certain reasons. Government and economic team are making all out efforts.
The 24th economy in the world has been downgraded to 47th economy during the last 5 years. There is no ambiguity in the things. We will try that Pakistan completes IMF program for the second time in the history of Pakistan. PM has also said we will implement IMF agreement.
Our talks with IMF mission continued for 10 days. We talked and exchanged views on power sector, financial sector and other important sectors. We have to introduce reforms in energy sector. These are settled through the cabinet. We will implement them. The important thing is we have to stop forward flow and have to further stop circular debt in gas sector.
We will curtail targeted subsidies. The gas circular debt has to be reduced to zero level.
The petroleum development levy commitment with IMF has been fulfilled. We have cross the limit of Rs 50 on petrol. We have completed the commitment of Rs 40 on diesel. We will fulfill the remaining commitment of Rs 10 in the ratio of Rs 5 each.
It has been decided in respect of Benazir Income Support Program that it will be increased from Rs 360 billion to Rs 400 billion, he pointed out.
We have agreed on the point that there will be no sales tax on petrol. As far as GST is concerned it is included in Rs 170 billion taxes.
