New tax will not affect the common man, says Dar
ISLAMABAD: Finance Minister Ishaq Dar pledged on Wednesday for not allowing anyone to make artificial hike in price with the name of budget, ARY News reported.
While addressing the post-budget news conference to explain salient features of the budgetary proposals in Islamabad on Wednesday, Ishaq dar said amendments can be made in the budgets on getting good suggestions.
The Minister said an EXIM bank on the pattern of China and the United States would be established adding that its paid up capital would be Rs. 10 billion.
Ishaq Dar informed that additional tax revenue worth Rs.231 billion envisaged in the budget for the next financial year would not impact the common man. He pointed out that elimination of some SROs next year would help raise additional revenues of 103 billion rupees. He said remaining tax would be realized from new tax assesses.
The Finance Minister said there are 2.5 million retailers in the country but just a few thousands are registered. In the sales tax system He said chain stores and shopping centers would be bring in the sales tax system compulsorily.
According to finance Minister, retailers who were consuming electricity worth Rs. 50,000 or above will have to pay extra 7.5 per cent tax.
He assured that no hike will be made in the price cement and urea adding that hoarding and profit-taking will not be allowed.
Speaking about the relief measures, finance minister said the government would spend additional Rs. 42 billion due to increase in salaries and pension adding further he said government has increased allocations for Benazir Income Support Programme for the welfare of common man.
He said provinces would not be bound to implement GST and federal excise duty would be exempted for those having GST implemented.
Ishaq Dar said that custom duty has been reduced to 25 per cent from 30 per cent however additional regulatory duty has been imposed on the import of luxurious items including Chocolates, Mineral Water, Cheese, Butter and items similar to that.