The National Assembly has passed Rs 903 billion Budget for 2004-05 and Rs 157,239.676 million Supplementary Grants 2003-04 on Thursday, three days ahead of schedule due to the blessings of boycott from the opposition.
Finance Minister Shaukat Aziz said here on Sunday that taxation measures introduced in the Budget 2004-05 would have a net negative impact of Rs 7.5 billion in revenue collection because of a quantum shift in tax systems to focus on reforms, in addition to revenue generation.
Federal Finance Minister Shaukat Aziz in his fifth budget blazed a new trail in public finance. He announced a host of bold measures on Saturday, according extensive concessions and incentives to agriculture, industry and construction.
The federal government is expected to net Rs 7.2 billion in FY 2004-05, from the levy of 0.1 percent capital value tax on purchase value of shares, according to knowledgeable sources in the Karachi Stock Exchange.