Federal Finance Minister Ishaq Dar is presenting the mini budget while addressing the Parliament. Ishaq Dar while presenting the mini-budget in Parliament said that he is introducing the Finance Supplementary Bill 2023 in which more taxes will be imposed.
He said that before I take this House into confidence on the Fauns Supplementary Bill, I would like with your permission to give a brief review of the economic history of the recent past.
He said that during the five-year tenure of Muslim League (N), the gross national product increased by 112 billion dollars, while during the four-year government of PTI, as a result of poor economic policies, the GD increased by only 26 billion dollars. could
He said that when Mian Nawaz Sharif took over the reins of the government in 2013, per capita in Pakistan was 1389 dollars, thanks to the strong economic policies and the vision of our leader Nawaz Sharif, it has increased to 1768 dollars with a clear increase of 379 dollars. reached
He said that the incoming government was able to increase the per capita income by only 30 dollars to 1798 dollars in a period of four years due to its superficial type of measures.
Ishaq Dar said that the market capitalization of Pakistan Stock Exchange in 2018 was close to 100 billion dollars and it shows the confidence of the capitalists in Pakistan. PTI shows no confidence in the government.
He said that the Muslim League (N) always tries to increase the country’s debt to a minimum, but when the PTI government came in 2018, the total debt of Pakistan from 1947 to this year was 24 thousand 953 billion, which PTI 44,383 billion during the four-year tenure of the government, the volume of debt, which was 63.7 percent of GDP in 2018, has increased to 73.5 percent in 2022, resulting in our annual debt servicing unfortunately five It will exceed one thousand billion rupees.
He said that as a result of the sustained high growth rate between 2013 and 2018, Pakistan’s economy had reached the 24th place in the world. The reputable institutions of the world recognized the development of Pakistan. was declared as the second favorite country in the world.
The finance minister said that the Pakistan Stock Exchange was also number one in South Asia, the growth rate of the economy had exceeded six percent in 2017-18, the inflation rate was 5 percent, the inflation of food items was only two percent on average. In these circumstances, a sudden apolitical change was brought about in the country which crippled a government with a successful and full mandate.
It should be noted that immediately after the ‘refusal’ of the President to issue an ordinance yesterday, the Federal Cabinet met in which the Tax Amendment Bill, Finance Bill 2023 was approved.
Initially, the government had planned to introduce ‘tax and non-tax measures’ to raise funds of Rs 1 trillion 70 billion.
However, at the last minute he decided to drop non-tax measures, particularly the flood levy proposal to raise Rs 1 trillion.
In a late-night development, the Federal Board of Revenue (FBR) issued SRO 178 to raise the federal excise duty on locally manufactured cigarettes, raising Rs 60 billion from taxes on tobacco products. shall be.
Apart from this, the government will get another 55 billion rupees by increasing the general sales tax from 17% to 18%.
Apart from this, the remaining Rs 55 billion will be collected by raising excise duty on airline tickets, sugary drinks and increasing the rate of withholding tax.