ISLAMABAD: Federal Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh has said that a special programme will be launched in the forth coming federal budget 2012-13, in order to create 100,000 new employment opportunities for youth by imparting them technical education and skill training.
The minister was addressing a pre-budget seminar organized by the Express Media Group aiming to solicit suggestions and views from different stakeholder including business community, academia and civil society for the forthcoming federal budget 2012-13.
Dr Hafeez said that the upcoming budget will mainly focus to maintain the sustainable economic growth by encouraging the private sector to make it more competitive in the world market.
"The private sector would be provided incentives for trade in custom and excise duties in the budget besides allowing them to import modernized technologies in order to make the industry and the products competitive ", he remarked.
He said by simplifying and rationalizing the taxation system, adopting the austerity measures, continuing the development programme and involving the provinces will be the top priorities in the budget.
The minister said that the government has enhanced the salaries of government employees by 50 percent two years before and added that the salaries will also be enhanced considerably in this budget keeping the rising inflation in mind.
He said that under NFC Award the share of the provinces has been enhanced and the provinces were provided Rs. 800 billion additional amount to be spent more on social sector development including health, education and poverty alleviation for the people of the provinces.
After the NFC Award, the minister said that the share of the provinces was increased from 46 to 70 percent in the national resources to strengthen the federation and prosperity of the provinces, he added.
Speaking on the occasion, Chairman Federal Board of Revenue, Mumtaz Haider Rizvi said that the national economy was improving despite the numerous internal and external challenges.
The revenue collection during last ten months of current fiscal year registered growth of about 26 percent and FBR has collected Rs 1,442 billion in terms of taxes.
He informed that the tax growth rate was improving the tax to GDP ratio during current fiscal and is likely to reach 9.8 percent which was encouraging adding that the direct taxes was recorded at 38 percent and indirect taxes was 62 percent.
He further said that during last year smuggling due to Afghan Transit Trade was reduced by 65 percent and other structural and administrative reforms were also introduced to enhance the revenues for the country.
President Rawalpindi Chamber of Commerce stressed the need for continuing the economic policies for rapid socio-economic development of the country.
Former Chairman FBR, Abdullah Yousuf urged the need for addressing the circular debt issues to overcome the power shortage for industrial development as well as for creating more jobs.
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