Govt providing subsidy of Rs104b on POL products: Tarin

Islamabad: Finance Minister Shaukat Tarin Wednesday said that Pakistan Tehreek-e-Insaf (PTI) government is providing a subsidy of 104 billion rupees on petroleum products in order to provide relief to the people.

While addressing a news conference today, the minister said given soaring prices of petroleum products in the international market, we have reduced the petroleum levy and brought to zero the sales tax. 

“Consumers using 700 units of electricity per month will be provided with subsidy of five rupees per unit for the next four months,” Tarin said, adding that government will give a subsidy of 136 billion rupees for this. 

The Finance Minister added that negotiations have been held with the International Monetary Fund (IMF) over this relief package announced by the Prime Minister. 

“The IMF should not have objections on the package as we are meeting it from our own resources including enhancement in tax revenues,” he added. 

Shaukat Tarin further added that the government has also given industrial relief package to promote industries in the country. 

He said the package envisages tax holiday for overseas Pakistanis and incentives for the turnaround of sick industries.

“Tax exemptions have also been given to the IT sector in order to significantly bolster its exports,” said Tarin. 

The federal minister pointed out that the IT sector grew by 47% last year and currently growing by 70%.

“Our trade deficit has also come down,” stated Finance Minister.