Thursday, October 6, 2022

Finance Minister Miftah Ismail hints at increasing taxes

Finance Minister Miftah Ismail hints at increasing taxes

ISLAMABAD (92 News) – Finance Minister Miftah Ismail has hinted at increasing the taxes, saying that the super tax will be increased from four to five percent.

Addressing a business summit on Wednesday, he said that a company exporting 10 percent of its products will be given waiver in taxes. "We could not properly utilize the loan taken from the world. Now we feel shame while seeking loan," he declared.

The minister said that the budget deficit had decreased due to steps taken by the government.

To a question about permission granted to export surplus sugar, he said that the decision in this regard would be made after receiving a summary in the ECC. "The government is focusing on enhancing exports and farm productivity in order to help the country stand on its own feet. I assure to extend facilitation to the companies in exporting their products to the international market.” he added.

Miftah Ismail said that a task force has been established to address the problems faced by agriculture sector of the economy. “The country this year has so far imported 1.1 million ton of wheat. The money spent on import of wheat could be saved by supporting the farmers and introducing latest technology in the sector.

“Bolstering exports and agriculture will also benefit the poor segments of the society. We will also have to create a balance in our incomes and expenditures, and have to live within our means to address the issues of budget and trade deficits.” he concluded.