Most of the parliamentarians urged upon the sitting PTI government to totally abolish the increased tax on sugar, cooking oil, make more increase in employees' monthly pay and EOBI pensions
Islamabad (Pakistan Point News / Online - 20th June, 2019) Most of the parliamentarians urged upon the sitting PTI government to totally abolish the increased tax on sugar, cooking oil, make more increase in employees' monthly pay and EOBI pensions.The house on Thursday continued discussed on the budget for next fiscal year. Participating in the debate, PPP Co-Chairperson Asif Ali Zardari said that the government and the opposition should sit together and formulate a long-term economic policy for the country.
He said the government has enhanced salaries of employees in the budget but increasing tax on them has only offset the benefit of that raise. He said those already paying taxes should not be further burdened. He said steps need to be taken to restore the confidence of industrialists and businessmen. The PPP Co-Chairperson also thanked the speaker for issuing his production orders.Taking part in the discussion, Asad Umar of ruling party said the economic team of government has made an excellent effort of presenting the best possible budget in difficult economic situation.
He said we should make utmost efforts to strengthen and uplift the agriculture sector in order to bolster the country's exports.He said EOBI pensions should also be enhanced from ten to fifteen per cent. He said vulnerable segments of the society and middle class should be fully protected. He suggested that taxes on sugar, edible oil and small cars should not be enhanced.PTI leader Asad Umar, during his speech asked his party's government to reconsider the increased tax on sugar and cooking oil in the federal budget.
Acknowledging that the federal budget set to unroll with the arrival of the new fiscal year on July 1 was a "budget for tough times", Umar congratulated the team that had prepared it."The economy is currently facing multiple problems," said Umar, who is the chairman of the National Assembly's Standing Committee on Finance, as he began his speech on the budget. He said that at the time the PTI government was formed, one "deferred ailment" that the government was dealing with was foreign debt.
Umar said that the current account deficit of $2.035 billion a month was reduced by 70 per cent in the last three months before his resignation. The former finance minister noted that the turnover tax has been increased in the budget presented on June 11. "At least the new investments should be excluded from this minimum tax in the first five years," he recommended, adding that balancing, modernisation, rehabilitation and expansion (BMRE) tax credit should be restored.
Umar then said that it was not suitable to increase taxes on sugar for which prices were already rising. It raise in tax should be taken back and they should also investigate why sugar prices are rising so quickly. He had the same opinion on increasing the taxes on edible oil and ghee and asked Adviser to the Prime Minister on Finance Dr Hafeez Shaikh to reconsider when winding up the budget. "The total receivables after an increase in the taxes on sugar, oil and ghee are minimal.
""Similarly, the federal excise duty (FED) on small cars, we had already increased the duty on expensive cars and now the duty has been increased on import of small cars like Alto. As I have said, the middle-income class is also going through a difficult phase. I think this measure should also be reviewed. Umar also recommended that Employees' Old-Age Benefits Institution (EOBI) pensions should also be enhanced from ten to fifteen per cent.
The former finance minister said that there were five main factors electricity prices, gas prices, tax rates, policy rates of State Bank of Pakistan (SBP) and rupee valuation which were discussed during negotiations with the International Monetary Fund (IMF) for an agreement.Qaiser Ahmed Sheikh of PML (N) criticized government's economic policies saying these have resulted in depreciation of rupee. He said the government should support the industries to enhance exports.
Ghous Bux Khan Mahar of Grand Democratic Alliance said efforts should be made to improve law and order situation in Sindh province. He said federal government should support Sindh government in provision of clean drinking water to the people.Naveed Qamar of PPP said it is appreciable that the government has increased the budget of Benazir Income Support Program but said that more steps need to be taken to protect the poor segments of the society.
He said increase in the taxes on CNG and LNG will add to the woes of common man. He said raise interest rate will discourage investment in the country.Minister for Education and Professional Training Shafqat Mahmood said the PML (N) and the PPP are responsible for leaving the economy in dire straits. He said fascism and attacking judiciary are the hallmarks of the PML (N). He said the people have not yet forgotten the Model town tragedy in which innocent people were killed.
Shafqat Mahmood said the previous governments also did not pay any attention to improve the health and education systems in the country. He said the PTI government will bring a single national curriculum to promote unity and harmony. He said we will also strengthen economy and improve governance system. The country, he said, will be taken forward on the path of development by the PTI government. "Arresting me doesn't make any difference to the party; PPP is further strengthened," he said. "But the average person is worried that if Zardari sahab can be caught, what will happen to us.' Asif Ali Zardari earlier stated.He expressed concern that the entire country might agitate because of these measures and then no political party will be able to do anything. Zardari thanked Baloch leaders and the MQM leaders who supported them in these "tough times".
