ISLAMABAD: Finance Minister (FM) Muhammad Aurangzeb has said volume of pension funds has surpassed one trillion rupees in the budget which is far more than development budget. Proposal has been given to impose 5 percent tax on the pension amount more than Rs 10 million while protecting low- and middle-income pensioners. He said this while addressing a ceremony held under Securities and Exchange Commission of Pakistan (SECP) here Tuesday. He held steps are being taken with reference to tense situation in the region and its possible financial impact on the country. In this connection our talks with all the partners remained conducive in this regard a day before. Its objective was to ensure reasonable reserves of energy and monitoring of their prices. Online
Government is ready to deal with the situation. We hope improvement will come in the situation.
He indicated he held a fruitful talks with US Commerce Secretary Howard Lutnick. Both the countries are taking step in right direction.
Pakistan is a competitive market with reference to US tariff.
Structural reforms will be implemented on durable basis.
Reforms process will continue in tax, energy and sectors of national economy.
Steps are being taken for curtailment in government expenses and solid and concrete arrangements of loan. Reforms process is underway in pension and other sectors. We have to take it forward.
Pension funds volume has surpassed one trillion rupees in the budget which is far more than development budget. We have to ensure provision of funds for other sectors. Proposal for imposing 5 percent tax on the pension amount more than 10 million rupees has been given in the budget.
We should take advantage of experiments of Sindh and KP government with reference to public private partnership and pension contribution.
Tariff reforms are basic changes. Some industries will be affected by it. Prime Minister has constituted committee in this regard. All the partners are included in this committee.
He indicated committee will provide assistance in the process of changes.
