AIRLINK 196.00 Increased By ▲ 2.44 (1.26%)
BOP 10.11 Increased By ▲ 0.16 (1.61%)
CNERGY 7.88 Decreased By ▼ -0.05 (-0.63%)
FCCL 40.17 Decreased By ▼ -0.48 (-1.18%)
FFL 17.10 Increased By ▲ 0.24 (1.42%)
FLYNG 27.35 Decreased By ▼ -0.40 (-1.44%)
HUBC 133.70 Increased By ▲ 1.12 (0.84%)
HUMNL 14.06 Increased By ▲ 0.17 (1.22%)
KEL 4.65 Increased By ▲ 0.05 (1.09%)
KOSM 6.69 Increased By ▲ 0.07 (1.06%)
MLCF 47.16 Decreased By ▼ -0.44 (-0.92%)
OGDC 215.81 Increased By ▲ 1.90 (0.89%)
PACE 6.98 Increased By ▲ 0.05 (0.72%)
PAEL 41.95 Increased By ▲ 0.71 (1.72%)
PIAHCLA 17.18 Increased By ▲ 0.03 (0.17%)
PIBTL 8.52 Increased By ▲ 0.11 (1.31%)
POWER 9.67 Increased By ▲ 0.03 (0.31%)
PPL 184.60 Increased By ▲ 2.25 (1.23%)
PRL 42.93 Increased By ▲ 0.97 (2.31%)
PTC 25.20 Increased By ▲ 0.30 (1.2%)
SEARL 110.50 Increased By ▲ 3.66 (3.43%)
SILK 1.00 Increased By ▲ 0.01 (1.01%)
SSGC 44.11 Increased By ▲ 4.01 (10%)
SYM 17.79 Increased By ▲ 0.32 (1.83%)
TELE 9.01 Increased By ▲ 0.17 (1.92%)
TPLP 13.03 Increased By ▲ 0.28 (2.2%)
TRG 67.60 Increased By ▲ 0.65 (0.97%)
WAVESAPP 11.73 Increased By ▲ 0.40 (3.53%)
WTL 1.83 Increased By ▲ 0.04 (2.23%)
YOUW 4.00 Decreased By ▼ -0.07 (-1.72%)
BR100 12,215 Increased By 169.9 (1.41%)
BR30 36,998 Increased By 418 (1.14%)
KSE100 115,602 Increased By 1564.5 (1.37%)
KSE30 36,397 Increased By 602.7 (1.68%)

The government is expected to present Finance Amendment Bill in Parliament consisting of measures to expand the tax base and squeeze the space for non-filers. Sources said that marathon meetings have been ongoing in Finance Ministry to firm up revenues measures and cut expenditure as part of the austerity plan announced by the Prime Minister.
Finance Amendment Bill may withdraw/reduce income tax relief provided to salaried class, increase incidence of Federal Excise Duty (FED) on a few commodities including cigarettes and take additional measures to expand the tax base.
There is speculation that the government may increase customs duty from 2 to 3 percent on imports across the board to generate Rs25-28 billion. The measure would impact on 7200 customs tariff lines.
The government may also adjust regulatory duties to curb imports and reduce the trade deficit. An official told Business Recorder that Secretary Finance has been holding meetings with officials of Federal Board of Revenue (FBR) and Commerce Ministry to identify revenue measures and with other ministries to save expenditure.
A significant slash is anticipated in the development outlay for the current fiscal year (up to Rs 250 billion in development expenditure) in view of the unsustainable budget deficit, the official stated adding that the primary focus for the past two weeks has been to identify revenue mobilizing areas, and saving expenditure.
The amended bill may be presented on the first day the assembly next meets as these problems are exacerbating every day and need to be dealt with promptly.
The government plans to include its own priority projects in the public sector development programme and focus on social sectors instead of infrastructure namely on water, health and education projects as well as those under the umbrella of China-Pakistan Economic Corridor (CPEC).

Copyright Business Recorder, 2018

Comments

Comments are closed.