Connect with us

Pakistan

Govt provides relief to poor by shifting burden of tax on rich people: Miftah

Miftah Ismail said tax would be further increased on rich people having income above 150 million rupees.     

Published

on

By

Govt provides relief to poor by shifting burden of tax on rich people: Miftah
GNN Media: Representational Photo

Islamabad: Minister for Finance and Revenue Miftah Ismail Thursday stated that the government has provided relief to poor people by shifting the burden of tax on rich people.

He was addressing a news conference in Islamabad along with Minister for Information and Broadcasting Marriyum Aurangzeb.   

Miftah Ismail said tax would be further increased on rich people having income above 150 million rupees.     

“We have saved the country from default and the financial situation of the country is stable now,” he added.

Miftah Ismail said that by taking tough decisions, the incumbent government had saved Pakistan from default as the previous regime led by PTI had pushed it to the verge of bankruptcy.

“It is our responsibility to save Pakistan from default. And with the grace of Allah, we did it and can say now that Pakistan was saved from default,” the minister said while addressing a press conference along with Federal Minister for Information and Broadcasting, Marriyum Aurangzeb here.

He said the government saved the country from bankruptcy by increasing diesel and petrol prices and by remaining continuously engaged with International Monetary Fund (IMF).

He said, decision to increase petroleum products’ prices was not easy one but the government had to take it to save the country. He said that Pakistan was now returning to better financial position citing the increasing valuation of rupee against dollar and performance of Pakistan Stock Exchange as examples of the progress.

The minister said that IMF itself, through a press release said that it had made important progress in negotiations with Pakistan on budgetary measures for fiscal year 2022-23.  The minister said that government had reached to an understanding with IMF on budget measures.

The minister said that this was progressive and historic budget in a way that it did not increase indirect taxes nor did it propose taxes on commodities or consumption, commonly done by governments to improve collection.

He said, unlike PTI government that used to impose taxes on consumption that hit the poor, the incumbent government had taxed the rich. He said the people having income of Rs150 million would pay 1 percent more tax whereas those with income of Rs200 million, 250 million, and 300 million would be imposed additional taxes of 2%, 3% and 4% respectively.

He said, during its four-year turn, the PTI government enhanced debt burden from Rs25000 billion to Rs45000 billion, an increase of 80 percent.

He said, by providing subsidies on petrol and diesel for gaining political benefits, the PTI government inflicted a loss of Rs120 billion to the national exchequer per month.

The minister said that $2.3 billion loan from China was expected to be transferred by Monday adding that China also rerolled the safe deposits that were due in June and July.

He said, sugar that had touched Rs150 per kg price in PTI tenure was now available at Rs70 in utility stores whereas flour was being sold at Rs40 per KG adding that edible oil was imported to reduce prices of the commodity in the local market.

He said that the government has taken measures to protect the poor as 6 million families having income less than Rs40,000 were to be registered for a monthly stipend of Rs2000, out of which one million has been registered.

In addition, the recipients of BISP would receive Rs2800 per month whereas 60% of BISP families would be provided funds for education of children through Waseela Taleem scheme.

He said, the people having an income of less than Rs40,000 would also be facilitated through Utility Stores Corporation by providing them commodities at reduced prices.

 

Pakistan

More showers during Eidul Azha holidays: PMD

Monsoon currents are continuously penetrating the country

Published by GNN WebDesk

Published

on

By

More showers during Eidul Azha holidays: PMD

Islamabad: The Pakistan Meteorological Department (PMD) is predicting more showers during the Eidul Azha holidays.

According to the Met Office, monsoon currents are continuously penetrating the country and are likely to weaken during the next 24 hours, however, it may strengthen over the weekend.

Under the influence of current weather system more rains and thundershowers have been forecast in Islamabad, Kashmir, Swat, Mansehra, Kohistan, Abbottabad, Haripur, Peshawar, Mardan, Swabi, Nowshera, Kurram, Kohat, Mianwali, Sargodha, Hafizabad, M. B Din, Rawalpindi, Murree, Attock, Chakwal, Jhelum, Sialkot, Narowal, Lahore, Gujranwala, Gujrat, Sheikhupura, Faisalabad, Jhang, Sahiwal, Okara from July 9 to July 12 with occasional gap.

Isolated showers are also expected in Karachi, Hyderabad, Mirpurkhas, Dadu, Thatta, Badin, Zhob, Ziarat, Barkhan, Loralai, Bolan, Kohlu, Quetta, Kalat, Khuzdar, Lasbella, Awaran, Naseerabad, Sibbi, Panjgur, Turbat between July 8 and July 9.

Heavy falls may generate urban flooding in Rawalpindi/Islamabad, Peshawar, Faisalabad, Lahore, Gujranwala and Sialkot.

Thundershowers may trigger landslides in Kashmir, Galiyat, Murree, Chillas, Diamir, Gilgit, Hunza, Astore and Skardu.

Travelers and tourists are advised to remain extra cautious during the forecast period.

Continue Reading

Sports

Pakistan squad’s support personnel tests positive for Covid-19

He will undergo five-day quarantine

Published by GNN WebDesk

Published

on

By

Pakistan squad’s support personnel tests positive for Covid-19

Lahore: Pakistan Test squad’s support personnel Malang Ali tested positive for Covid-19, Pakistan Cricket Board (PCB) informed on Thursday.

The squad arrived in Colombo on Wednesday evening at 6:00pm Pakistan time.

The team official confirmed that Malang tested positive for Covid-19 in the on-arrival Rapid Antigen test.

The masseur will now undergo five-day isolation and will be allowed to come out of isolation upon returning a negative RAT test on the fifth day, he added.

Pakistan will play a three-day warm-up match between 11-13 July. The first Test will be played at Galle from 16 July, while the second Test will be staged at Colombo from 24 July.

Continue Reading

Pakistan

Pakistan Railways announces 30% reduction in train fares on Eid

Passengers facing difficulties due to late arrival of trains can fully refund their tickets from the nearest reservation offices. 

Published by GNN WebDesk

Published

on

By

Pakistan Railways announces 30% reduction in train fares on Eid

Islamabad: Pakistan Railways has announced a thirty percent reduction in the fares of all trains on the eve of Eid-ul-Adha.

According to the notification issued by Pakistan Railways, the passengers will be able to get benefit from this facility during the three days of Eid in all classes of trains including economy, standard AC, Business and AC Sleeper. 

Meanwhile, Pakistan Railways has also announced that passengers facing difficulties due to late arrival of trains can fully refund their tickets from the nearest reservation offices. 

The passengers having E-Tickets can also refund their tickets through mobile application. 

 

Continue Reading

Trending