Finance Minister Dr Abdul Hafeez Sheikh has said that all incomes, irrespective of agriculture, services sector and real estate, have to be taxed from the next year budget to broaden the tax base. Talking to media persons after a lecture by Nancy Dristall on new growth strategy, he said that the next federal budget would be growth-oriented, to generate employment opportunities, and all stakeholders are being consulted.
He said that taxing the agriculture and other incomes was critical, and the provinces would be extended every possible help in this regard. The government has decided to take every political party, industrialists, traders and farmers association on board in the consultative process in making the budget. The provinces will also be taken on board for making the consolidated budget, as after 18th amendment and 7 NFC award, the role of the four federating units has increased manifold in terms of the financial discipline, the minister said.
About the incessant increase in petroleum products prices, the minister said that the government has already provided Rs 25 billion subsidy for POL products and is trying to provid relief to the consumers as well as working on a modus operandi to ensure more relief vis-a-vis POL prices. He told media men that the government has started borrowing for providing relief to masses in the shape of subsidy.
About the eight loss-making and five profit-making public sector entities (PSEs), the minister said that the government holding company would have members of excellent repute on the board to manage the affairs of PSEs and would be responsible to restructure and privatise them. Dilating upon the economic outlook of the country, he claimed that remittances flow is estimated to touch $11 billion by June end and exports at $22-24 billion. The minister also said that the country is going to have bumper crop of wheat estimated at 25 million tons which will play important role in the GDP of the country.
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