Advisor to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh said on Saturday the Pakistan Tehreek-e-Insaf (PTI) government’s top priority is to give relief to the common man in the upcoming fiscal year’s budget.
Speaking to a delegation of businessmen, he said tough decisions are being made by the government to steer the country out of the prevalent economic distress.
Punjab Governor Chaudhry Muhammad Sarwar and Minister of State for Revenue and Textile Hammad Azhar were also present on the occasion.
Dr Shiakh said that the country is expected to get $2-3 billion in loans from the World Bank and Asian Development Bank at low interest rates following the staff-level agreement with the International Monetary Fund for a $6 billion package.
“The government is bringing a long-term policy for economic stability,” he maintained, adding that the country is heading towards economic prosperity. He said when the PTI took charge of the government, the country’s economic situation was in shambles.
Speaking on the occasion, the Punjab governor said the promises made to the business community would be fulfilled, adding the government and businessmen are on the same for the country’s progress.
“This is the first government which is working on a long-term economic policy instead of a short-term one,” he added.
Hammaz Azhar said 57 per cent of the total tax revenue generated by the federal government goes to the provinces. He stressed the need for widening the tax net so as to deal with the economic challenges faced by the country.
Dr Sheikh is absolutely right. But in a twist of truth.
The coming budget will most definitely be a common man’s budget. Not because it will provide relief to the common man. But precisely because it will target the common man with excessive tax burden from petroleum products to transportation, to utilities (mainly electricity and gas bills) to higher price of medicines to cooking oil and other consumable goods.
The tax bomb will hit the common man with much greater force and impact than the token relief measures that would be offered as a political stunt to sweeten the bitter pill that the common man will be forced to swallow.
The inflationary budget will camouflage and inflict real pain on the common man who is already under a great deal of financial stress. The interest rate hikes and free-float of the exchange rate will further aggravate the economic malaise as they add to the cost of production and result in hyperinflation, leading to greater economic and political instability.
True
Very true ali aziz
When only 1 percent of the population is paying income tax against 7 percent in india, what do you expect?