Malakand affectees tax on more than one million income: Tarin

admin — Fri, 19 Jun 2009 21:29:40 +0000

ISLAMABAD: The Senate’s standing committee for finance has approved proposal of imposing tax on mobile phone SMS. Finance Advisor Shaukat Tarin informed the committees that an alternate tax would be impose on CNG in place of carbon tax and a special tax will be charge on more one million annual income for the affectees of terrorism. He said the tax will be charge from July 1 and the ratio of this tax would be equivalent to five percent of total tax.

Pakistan unveiled budget for fiscal year 2009-10

admin — Sat, 13 Jun 2009 21:40:12 +0000

ISLAMABAD: The government is set to unveil the consolidated budget today for the fiscal year 2009-10 with an outlay of over Rs2.9 trillion based on uncertain external flows, mainly pledges from Friends of Democratic Pakistan (FoDPs), for the social sector spending and from donors and other countries for relief and rehabilitation of the internally displaced persons (IDPs). Minister of State for Economic Affairs Hina Rabbani Khar would present the budget in Parliament House at 5:00 pm. The federal budget is likely to hover around Rs2.2 trillion with current expenditures of Rs1.5 trillion and development expenditures of Rs261 billion. It will be the first budget based on uncertain source of external flows. However, the government is learnt to have increased relaxation in the budget deficit from 4.6 to 4.9 per cent or over 5 to 5.5 per cent, meaning the budget deficit would stand somewhere between Rs723 billion and Rs798 billion. The outlay for the Public Sector Development Programme (PSDP) will be Rs621 billion and revenue collection target, Rs1.4 trillion. However, the government is likely to revise the revenue target down because the FBR has told the government that collecting over Rs1.4 trillion will be a gigantic task. The government has withdrawn many exemptions and is also bringing the real estate and the services sectors under the tax net, including imposition of carbon tax on POL products. Different tax measures and carbon tax would bring additional revenue of Rs160-170 billion to the government, which includes Rs80-90 billion through carbon tax. The increase in the fiscal deficit up to 4.9 per cent will have no inflationary impact as the expected $2 billion from FoDPs and $550 million from donors will mainly come in terms of grants.

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Malakand affectees tax on more than one million income: Tarin

Pakistan unveiled budget for fiscal year 2009-10