The amendments made in budget 2004-5, announced by Finance Minister Shaukat Aziz on Tuesday in the National Assembly, are in the best national interest.
This was stated by Economic Advisor for Ministry of Finance, Dr Ashfaq Hussain Khan, while speaking in a PTV programme.
He said: "We don't believe that we have exclusive wisdom on everything. That's why suggestions and recommendations, which are in the best interest of the country, have been accepted."
He said: "Out of 20 tax-related recommendations of the Senate, the government has accepted 14 besides recommendations made by members of the National Assembly."
Ashfaq Hussain said, duty on parts of computers has been abolished, besides withdrawal of two percent withholding tax on import of tractors and reduction of capital value tax on purchase of stock exchange shares from 0.1 percent to 0.01 percent.
He said: "The new budget is balanced and people-friendly and a record amount of Rs 202 billion has been earmarked for development activities in the Public Sector Development Programme (PSDP) 2004-05."
There has been unprecedented increase of 117 percent in the budget for education sector and 50 percent for the health sector.
He added that the present government would continue the reforms for the socio-economic prosperity of the country.
He said: "The new budget provides relief to all segments of society, including agriculturists, industrialists, employees and traders."
He said, to promote domestic assembling of computers five-percent duty on import of computer parts has been withdrawn, but it will remain on foreign assembled computers. "This area is also creating a lot of opportunities in big cities," he added.
Replying to a question, he clarified that two laptops can be imported duty free under the personal baggage scheme.
The advisor said, the customs duty on iron, steel and raw material to be used in local industries has been reduced to the lowest level, ie five- percent.
This reduction would also promote construction activities in the country, he added.
To another question, he said increase in iron and steel prices was due to international trend and factors. He further said, two- percent withholding tax imposed on import of tractors has also been withdrawn.
"The government is giving special emphasis on agriculture sector," he said, adding, "in the budget 2004-05, very attractive package has been announced for the agriculture sector as the government is trying to boost agriculture growth."
Comments
Comments are closed.