Higher taxes will be imposed on those with higher incomes, no one should object, Muhammad Aurangzeb
We have to increase the tax base, 10% tax to GDP ratio is unsustainable
There is a significant increase in business transaction tax for non-filers, the increase of 3.4% was insufficient
Digitization of economy is our priority, digitization will reduce corruption and increase transparency, post budget press conference of finance minister
The path taken by Shehbaz Sharif is definitely difficult and tough, give the government some time, Ali Pervaiz Malik
ISLAMABAD ( WEB NEWS )
Federal Finance Minister Muhammad Aurangzeb has said that higher taxes will be imposed on those with higher incomes, no one should object, we have to increase the scope of taxes, 10 percent tax to GDP ratio is unacceptable. Yes, tax to GDP is to be taken to 13% for which various institutions have to be improved, undocumented economy is being digitized, it is true that tax compliance and enforcement is not done, end to And digitization is being done. Digitization of the economy is our priority. Digitization will reduce corruption and increase transparency. There is a significant increase in business transaction tax for non-filers because the increase of 3-4% was insufficient. We have taken it to 45% in many places, the aim is to make non-filers think, this is the first step towards eliminating the innovation of non-filers, I don’t think there is any other country where the innovation of non-filers has been removed. Addressing the post-budget press conference in Islamabad, the finance minister said that the tax rate has been increased for non-filers, we have to widen our tax net, 10 percent of GDP tax is not maintained. May, it has to take it to 13% in 2-3 years, there is no country in the world which is stable without foreign aid on tax 9.5% of GDP. Finance Minister said that the undocumented economy should be eliminated Digitization of it, what is being talked about now is how the FBR is performing, it is true that the implementation and implementation is not the way it should be, the purpose of digitization is to remove human intervention. It should be minimized, it will also reduce corruption and improve efficiency. Muhammad Aurangzeb said that under the progressive tax system, I do not think that anyone has any problem with the implementation of higher taxes on high income earners. He said that similarly there is a significant increase in business transaction tax for non-filers, because the increase of 3, 4 per cent was insufficient, we have taken it to 45 per cent in many places. The aim is that non-filers must think, this is the first step towards ending the innovation of non-filers, I don’t think there will be any other country where the innovation of non-filers has been taken out. Federal Finance Minister on the question related to Petroleum Levy He said that this proposal of 60 to 80 rupees, we are not going to implement it on the first day, it will increase gradually during the next financial year, we will also keep an eye on the global prices and adjust accordingly. On the question related to the salary slab, Mohammad Aurangzeb said that the category exempted from salary tax has been maintained, similarly, the top slab is also maintained in the same way, of the salary class. Besides, professionals community comes, we have taken it to 45%, there is a change in the slab, overall this number looks big, if you look at the individual level, it does not have such a big burden. As far as the retailers are concerned, everyone who is involved in this sector, you just asked if this is the only class that you are left with. If they don’t increase, anyone will have to do the same, so it is important to bring our retailers, wholesalers, brothers and sisters into the net so that the burden can be shared. The finance minister said that the registration we started It was done on a voluntary basis and you all called it the biggest failure and you guys said right, we said in April to register it yourself and now there is an app to register it only. 75 people did it, this is what happens when the work is done on a voluntary basis. He said that then in May we had to take it in this direction, then the FBR work force started working in 6 cities and around 31 thousand retailers have been registered and we will continue it because the tax will be applicable from July. The federal minister said that this tax should have been introduced in 2022, we should have brought retailers, wholesalers into the tax net, we have no choice now but to ensure that they Sectors should also be brought under the tax net. Answering the question regarding illegal cash transactions, Mohammad Aurangzeb said that all these things are related to digitization and undocumented economy, currently the circulating cash is 90 trillion, so we have tried to take as many policy measures as there are and the process we started like POS so we will restart it so that cash transactions are eliminated and documented.Budget When asked about neglecting the youth and small and medium enterprises, the Federal Minister of Finance said that first we talk about the youth, we have the third largest freelancers in the world, we are not given jobs. Rather, boys and girls are earning money sitting at home and we have allocated the largest amount for the IT sector and this is because it is their ecosystem which will generate main funds and additional infrastructure. will be improved, IT is an export worth 3.5 billion dollars. As far as SMEs are concerned, there should be the same kind of financing that has not happened, banks need to work hard with regard to small businesses that if a If a grocery shop has to pay one or 3 lakh rupees, then it is necessary to understand whether the people they are doing business with are being reimbursed or not. In the last two months, we have held 3.4 meetings with the Pakistan Bank Association, based on which banks in 3 sectors have developed a specific scheme on how to increase agriculture financing, IT financing and SMEs. How to finance. He said that some things have been allocated by the Ministry of Finance because they need subsidized loans, so the subsidy amount has been allocated in this budget because there is a rate and the rates at which we have to give them. The subsidy will be given by the government and since these banks are a little nervous, we have also said that there is a first loss guarantee. Mohammad Aurangzeb added that the export refinance scheme is shifting in Exim Bank, from State Bank to it. B. The amount of refinance that we have made mandatory should go to SMEs. He said that on the question related to the development budget and poor people’s relief, he said that our priority in PSDP was that the projects which 81% of the money is being given to those that are going to be completed, if these projects are stopped, the desired effect will not come, similarly, only 19% has been allocated to new projects. There are some technical things to take us forward. Minister of State for Finance Ali Pervaiz Malik while addressing the post-budget press conference said that apart from Pakistan, the government of Argentina goes to the IMF to take loans. He said that Shahbaz Sharif wanted to give 100 times relief, when the deficit increases, you should print notes or take a loan and burden the next generations. was leaving the country because of It must be difficult, give the government some time.