Govt will need to increase prices of everything to achieve revenue target: Abbasi

ISLAMABAD: Former prime minister and senior leader of the Pakistan Muslim League-Nawaz (PML-N) Shahid Khaqan Abbasi said on Saturday the government would not have to impose new taxes had it not pushed up interest rate.

Taking part in the budget debate in the National Assembly, he said interest on the country’s debt had increased by Rs1500 billion owing to an increase in the State Bank’s policy rate and rupee devaluation .

He said the PTI-led federal government’s incompetence and ineptness has brought the country to this juncture.

Abbasi said the PTI government had failed to achieve the target of tax collection of Rs4,000 billions in the outgoing fiscal year. Nevertheless, he added, it set the coming fiscal year’s target at Rs5,500 billion.

He said the government will need to increase prices of everything to achieve this target, which he said will take heavy toll on the poor.

The PML-N leader said withdrawal of zero-rated facility for export industry will have negative impact on the country’s exports.

Taking the floor of the house, PML-N leader Sardar Ayaz Sadiq said the opposition was ready to work with the government on the issues of national importance for the purpose of the betterment of the country.

Referring to the 13-member inquiry commission appointed to look into the ballooning of debt burden over the past ten years, he said it should probe all loans taken by previous governments.