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Relief announced in budget 2018-19 to help increase tax base: Miftah

ISLAMABAD: Minister of Finance Miftah Ismail on Sunday said that relief announced in the Budget 2018-19 will help increase the tax base and give an impetus to the national growth.

“Taxes in the real estate sector have also been rationalized in order to shun the undocumented economy and encourage people to declare the real worth of their properties,” he said while speaking as the chief guest at a post budget seminar organized by Institute of Cost and Management Accountants of Pakistan in Islamabad on Sunday.

Referring to new tax slabs recently announced by the prime minister, the finance minister said tax procedure had not only been simplified but its rate also reduced to facilitate the tax payers.

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On a question regarding increasing the petroleum levy, he said the government would pass on the reduction of international oil prices as it did in previous years.

Miftah Ismail also emphasized the importance of enhancing manufacturing in the country in order to reduce import bill.

In a statement on Saturday, Miftah Ismail said the government had carefully prepared a balanced budget for the financial year 2018-19.

He said the budget was not only intent on provision of relief in various sectors, but was a balanced one.

The minister said the government didn’t intend to approach the Internal Monetary Fund (IMF) for bailout loans to tackle its balance of payments issue or shore up foreign reserves and expressed optimism that foreign exchange reserves will soar by June 30.

He said the incumbent government injected 12,000 megawatts of electricity into the national grid by setting up power projects.

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