Advisor to the Prime Minister on Finance Dr Salman Shah on Wednesday said no abnormal taxation was being imposed on any segment of society and certain rumours in this regard were totally baseless and unfounded. Talking to a private television channel he said all the forthcoming policies would further help economic development of the country.
Certain market analyses were speculating on proposed taxation without any cogent reason and they should avoid such rumours, he said. He said the economic policies are meant for progress and prosperity and for a balanced growth in the country.
Salman Shah said the country's balance of payment position is sound as the reserve position is very good. In the new budget there would be relief for lower income group people either in shape of tax relief or on the essential food items, he said.
Fiscal space is available for giving substantial relief to people, he said, adding that the private sector is investing and investment to GDP ratio is also improving. The economic growth is also satisfactory and preliminary estimates show that growth ratio is 6.6 percent, he added.
All necessary measures are being taken to stabilise the prices. The recent CPI shows that the prices of some consumer items have decreased. The overall fiscal deficit is being projected at 4.2 percent, inclusive of the earthquake costs, and financial discipline is also in place, he said.
Ratio of taxes on different segments of society are very marginal, he said, and pointed out that Pakistan's tax to GDP ratio is very low. It means no major burden has been imposed on anyone, he added.
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