Taxes on import of luxury items not to affect common man: Dar
Finance minister says 5-10% duty imposed on 61 non-essential and luxury items
PHOTO: AFP/FILE
ISLAMABAD:
Finance Minister Ishaq Dar has said that five to 10 per cent duty on import 61 “non-essential and luxury items” would not affect the common man.
Speaking in the National Assembly on Monday, Dar said the government aimed to generate revenue to bridge Rs40 billion shortfall in revenue targets.
New taxes: Economic affairs should not be politicised: Ishaq Dar
Besides, regulatory duty on 289 items has also been enhanced by five per cent.
The finance minister said one per cent additional regulatory duty was imposed across the board but essential items and those required for developmental purposes were exempted.
He said the provinces were the main beneficiaries of the increased revenue collection, getting 57.5 per cent share, while the federal government will be getting 42.5 per cent.
The federal government intends to provide special shares to K-P, Sindh and Balochistan governments from the collected revenue, added Dar.
He urged political parties not to politicise economic issues as revenue generation was the key to country’s success.
ADB to provide $800 million loan for Pakistan’s energy sector
The minister exhibited confidence that the government would achieve tax collection targets for the current quarter.
Meanwhile, he added, the government was obligated to repay IMF’s debt undertaken by previous governments.
The budget deficit was 8.8 per cent when the PPP government left, Dar said, which reduced to 5.3 per cent this year with further aims to reduce it to 4.3 per cent.
Finance Minister Ishaq Dar has said that five to 10 per cent duty on import 61 “non-essential and luxury items” would not affect the common man.
Speaking in the National Assembly on Monday, Dar said the government aimed to generate revenue to bridge Rs40 billion shortfall in revenue targets.
New taxes: Economic affairs should not be politicised: Ishaq Dar
Besides, regulatory duty on 289 items has also been enhanced by five per cent.
The finance minister said one per cent additional regulatory duty was imposed across the board but essential items and those required for developmental purposes were exempted.
He said the provinces were the main beneficiaries of the increased revenue collection, getting 57.5 per cent share, while the federal government will be getting 42.5 per cent.
The federal government intends to provide special shares to K-P, Sindh and Balochistan governments from the collected revenue, added Dar.
He urged political parties not to politicise economic issues as revenue generation was the key to country’s success.
ADB to provide $800 million loan for Pakistan’s energy sector
The minister exhibited confidence that the government would achieve tax collection targets for the current quarter.
Meanwhile, he added, the government was obligated to repay IMF’s debt undertaken by previous governments.
The budget deficit was 8.8 per cent when the PPP government left, Dar said, which reduced to 5.3 per cent this year with further aims to reduce it to 4.3 per cent.