Prime Minister Shaukat Aziz Shaukat Aziz said on Wednesday that CVT on property transfer was ''non-negotiable'', and tax on cheque encashment will also to stay. He disclosed that by end of this year gas pipeline with Iran would be finalised, while exploration of new oil and gas reserves was in progress.
Shaukat Aziz was addressing a selective gathering of industrialists and businessmen of the province here on Wednesday during a dinner hosted by Punjab Governor Lieutenant General Khalid Maqbool (Retd). Chief Minister Chaudhry Pervaiz Elahi, Chief Secretary and CBR Chairman Abdullah Yusuf were also present on the occasion.
Shaukat Aziz said that the government was also negotiating with other states for the supply of gas. "The government have also decided to reduce the conditions for setting up a CNG station from 18 to 4, since we want end to NOC culture," he added.
On the interest rate, the Prime Minister predicted that within 12 months it would decline, as the inflation rate has started to come down. He said that it was vital to tighten the monetary policy to control the rising inflation rate.
He said that the taxpayers should not worry about the tax on cheque encashment, since it would be adjusted in the final tax returns, adding the step has been taken to document the economy.
On textiles, the Prime Minister said that we have invited people from textile industries to help them in developing a comprehensive policy.
He stated that this is the seventh budget that I have been associated with and in all these budgets we have maintained continuity of policies and made no U turn.
"People have shown grave concern over the price-hike, and to address the problem we have taken measures that has controlled prices of both pulses and sugar; before the budget the price of ''channa dal'' was hovering around Rs 40 per kg and till a day before the price had declined to Rs 26 per kg in Karachi. We have decided to set up additional 500 Utility Stores, while around 400 mobile Utility Stores were already in operation," he added.
He said the government has decided to monitor and regulate prices of 30 essential items and it would be referred to the Price Magistrates. "It is true that regulation is not part of a government job, although we strongly believe in deregulation, privatisation and liberalisation."
The Prime Minister said that the budget also focused on development and generation of job opportunities and several measures have been taken to generate the economy. He pointed out that the growth output is looking good and we are expecting to exceed the target of 6.6 percent GDP growth rate, despite the fact that the agriculture sector did not do well during current fiscal year; to give a boost to the agriculture sector we have extended a number of incentives, such as subsidising fertiliser.
"For industries, we have given several benefits in the budget, including reduction in taxes and duties," he added.
On cost of doing business, Shaukat Aziz said that interest would come down, but at a reasonable rate, while high utility prices are global phenomena, but in the South Asia region it was cheapest. The Prime Minister laid emphasis on generating skilled manpower, since, he added, there is a shortage in the country and it has become an impediment to the growth of economy.
"The government would stick to fiscal discipline and continue with pro-investment policies," he added.
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