Finance Minister Ishaq Dar insisted on Saturday that budget presented by him for the next fiscal year was not anti-poor and stated that electricity tariff would not be increased despite a 50 percent cut in subsidies for power sector. Media persons pointed out to finance minister that since the present government came into power, FBR has put an end to the tradition of inviting media to briefings on taxation measures on the eve of budget presentation so as to avoid any confusion.
Dar said that he would revive that tradition and ask FBR to ensure briefing every year to explain Finance Bill and tax measures to avoid any confusion from the next year onwards. The Finance Minister said he would like to make some clarifications regarding reports about withdrawal of subsidy on wheat for people of Gilgit-Baltistan, taxes on ghee and fertiliser as well as on high speed diesel and furnace oil, tax on mobile phones and milk. Dar said the government has not withdrawn subsidy on wheat for the people of Gilgit-Baltistan and allocated Rs 6.05 billion in the budget for the next fiscal year.
He also maintained that prices of ghee and vegetable oil must not increase as tax/duty was not changed. The Finance Minister also clarified that regulatory duty on furnace oil and high speed diesel was regularised and it has not been increased. The RD has been replaced with the customs duty. Similarly, he further stated that duty on fertiliser has not been increased to 0.7 percent from 0.2 percent; instead 0.2 percent duty on wholesale and 0.5 percent on distributor had consolidated. He further stated that the government has imposed tax only on packed yogurt and cheese and has not increased duty on mobile phones.
Dar said the government has increased allocations of Benazir Income Support Programme (BISP) to Rs 102 billion for the poor as well as allocations for Bait-ul-Mall to Rs 4 billion. Moreover, he added that Prime Minister's Loan Scheme, as well as relief in rate for salaried class was also announced to provide relief to the poor. The Finance Minister said that subsidy for power sector was reduced in next fiscal year's budget to Rs 118 billion on the basis of new tariff of National Electric Power Regulatory Authority (NEPRA) and as per their requirement. Ishaq Dar also maintained that any good suggestion proposed by opposition parties would be considered and incorporated in budget during his winding-up speech in the National Assembly.
Responding to a query whether super tax on banking companies would also be applicable on securities and bonds, he said that Rs 500 million income from all sources inclusive of securities and bonds. There are 2 to 3 individuals, 8 AOPs and 170 companies falling under the category of super tax.
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