Mini-budget on the cards

The nation seems to have been facing the brunt of PML-N government's corruption and the incumbent PTI government's incompetence. That is why perhaps a mini-budget is on the cards to add to people's woes. It has been reported by media that the government is likely to present a mini-budget because of a Rs 100 billion shortfall in budgeted revenue during the first four months of the current fiscal year. The government is said to have left with no option but to mull over various tax proposals to bridge the shortfall. The government supporters plausibly argue that the tax relief provided by the previous government in April 2018 budget with elections 2018 in mind created enormous difficulties for the tax authorities to meet the unrealistic revenue targets. The critics of the PTI government, however, point out that the present government has compounded the situation as it has been seen to be pursuing 'business as usual' approach that would simply exacerbate the fiscal challenges facing the country. This is no healthy approach to the situation; the economic managers must not tax people with the burden of new taxes or increased tax rates.