Federal Budget on May 28: all types of incomes must be taxed, says Hafeez

Federal Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh said on Friday that the Federal Budget for financial year 2011-12 will be presented on May 28. He stated this while talking to journalists after attending the "gold medals and certificate distribution ceremony of Institute of Chartered Accountants of Pakistan (ICAP) here at local hotel this evening.
The minister said that all stakeholders are being involved in preparing the budget as government has invited the suggestions from businesses, political and parliamentary parties of the country for their positive inputs for the socio- economic uplift of the country.
"All types of incomes including incomes on agriculture must be taxed to bridge the gap of income and expenditures of the country as well as to broadening the tax base for the benefit of the country," he remarked. Dr Hafeez said that agriculture tax was already in place in the provinces, but there is a need for improvement in the taxation system.
He said that government is following the austerity measures by reducing the governmental expenditures adding that it has already freezed the expenditures of President and Prime Minister houses at previous year level despite inflation. Earlier, speaking on the occasion the minister appreciated the role of ICAP which was producing best professional accountants who are not only earning names at domestic level but also internationally.
He urged the graduating students not to ignore the government sector services as the country was needed their determination and positive input for the promotion of national economy. The minister said that the country was facing many challenges including those on economic fronts but expressed his determinations that with the support of the people of the country and business community the government would be able to overcome them.
He also highlighted the measures taken by the government for the stabilisation of the national economy and for the social sector development for the welfare of the people of the country. Speaking on the occasion former Advisor Finance ministry Dr Ashfaq Hassan Khan stressed the need for presenting a reformed oriented budget besides steps for enhancing the revenues of the country.