Federal Finance Minister Asad Umar said that the Government was planning to stop unnecessary withholding taxes. Addressing a ceremony in Islamabad, Finance Minister highlighted the need for improvements in property businesses, saying that the current tax system could not detect transactions and profits in property businesses.
He said that the issue of under-invoicing could be fixed through information technology. Finance Minister said that import from China and Dubai could be checked through the use of IT services. Further he said that the treasury had foreign investments of only $1 billion while the monthly current account deficit was $2 billion. He said that the government has to take tough decisions to address the crippling economic situation.
Asad Umar said that strict action against the corrupt elements was in the country’s interest. He said that the best platform to verbalize a ‘Charter of Economy’ was the Senate and the National Assembly. Before that, the Finance Minister on January 23 had presented the Pakistan Tehreek-e-Insaf (PTI) government’s third finance bill, which was also the second supplementary budget, in the National Assembly.
Speaking on the occasion, Asad Umar had said that it was not a budget, but a package for economic reforms. The Federal Government wants a resolution to economic grief of the country; the government didn’t want the next governments to criticize about previous government’s misconducts.
It is relevant to mention here that Pakistan’s customer price inflation rose to 9.4pc in March; the country’s highest since November 2013. For the time being, the government increased the prices of petroleum products by up to Rs: 6/- for the month of May.
Unfortunately, Pakistan at this time facing a critical economic disaster, has also been seeking a bailout package from the International Monetary Fund (IMF). After initial “Fruitless” discussions, it has been leant that talks with IMF have now entered the final stage after the settlement of almost all the issues related to the signing of an agreement.
We are very close to each other and there is no fundamental difference, Asad Umar had said while talking to media after launching the State Bank of Pakistan’s Electronic Money Institutions (EMI) Regulations.