No new taxes in next budget

ISLAMABAD: Adviser to the Prime Minister on Finance Miftah Ismail said on Monday that the government would announce a new amnesty scheme in a few days, Geo News reported.

He said that the current percentage of financial growth is the highest in the past 10 years, adding that the government aims to take the Growth Domestic Product (GDP) up to 10 percent. He said that no new tax would be levied in the upcoming budget as the government would focus economic growth rate.

While addressing a ceremony, Ismail said that the policies for a tax-friendly system are being introduced, adding that the percentage of taxes will be decreased and the scope of the collection will be widened.

He also said the government is working to enhance gross domestic product (GDP) growth rate and exports, and decrease inflation and imports for improving the national economy. Miftah said, “We are preparing the budget for next financial year with a view to raising the GDP growth rate to 6 percent and reduce inflation and imports.

“Machinery is being imported for power plants being set up under the China Pakistan Economic Corridor (CPEC) increasing the import bill, which would gradually reduce, he said. As far as the issue of circular debt was concerned, he said, it was also the responsibility of the provincial governments to take measures for the recovery of outstanding amount from power consumers.