Mini Budget is Ready, Waiting for Govt’s Green Signal to Present: Chairman FBR
Economists say mini-budget will lead to further rise in commodity prices and a new storm of inflation.
Federal Board of Revenue (FBR) Chairman Dr Ashfaq Ahmed said mini budget has been prepared and government will present it whenever it says. He said economy could not afford to give tax rebates and tax concessions, so the sales tax rebates would be withdrawn.
Dr. Ashfaq Ahmed, Chairman, Federal Board of Revenue, has made it clear that the mini budget has been prepared and for this, several tax amendments have been drafted, which was presented to the Federal Cabinet and then to Parliament at the request of the government.
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In an informal conversation with reporters, Chairman FBR Dr. Ashfaq Ahmed in Islamabad said that sales tax exemption is being withdrawn.
Chairman FBR said that taxes would be levied on imports of luxury items and recommended additional tax on imported vehicles. Tax exemptions on food and medicine will remain.
Earlier, addressing a meeting of the National Assembly’s Standing Committee on Finance, the FBR chairman had said that relief was being sought for the steel sector. ۔ Economic conditions and resources are tight and it is impossible to provide relief.
The Chairman FBR during the briefing in the meeting also openly expressed the issues in the Federal Board of Revenue. They say parliament passes bills, we are asked to implement them. It is very difficult to achieve the tax target in difficult times but the FBR is trying its best to increase the tax revenue.
On the other hand, economists have expressed their concerns over the mini-budget, saying that the mini-budget will lead to more taxes, more duties and more levies on petroleum products, which will lead to a new storm of inflation. The poor man is already crushed in the mill of inflation, people are already forced to commit suicide. If taxes on daily commodity prices continue to rise, then the purchasing power of the people will be further eroded.
