Govt fails to achieve any economic target for current fiscal year

economic target federal budget punjab budget new taxes fiscal year current fiscal year
09 Jun, 2019 3:14 pm

ISLAMABAD (92 News) – The government could not achieved any economic targets for the current fiscal year as the Economic Survey of Pakistan for the current financial year 2018-19 will be launched on Monday (tomorrow) on Sunday.

The survey will provide an overview of the national economy, highlighting performance and achievements in different sectors during the fiscal year.

Its launching marks the opening of budget related events including presentation of the federal budget in the National Assembly on Tuesday.

No economic target achieved

The government missed all the key economic targets for the current fiscal year where Gross Domestic Product locked at 3.3 percent and was almost halved from the target set at 6.2 percent owing to sharp drop in agriculture production and negative growth heralded at industrial sector.

On the other hand, the Federal Board of Revenue (FBR) prepared a new schedule. However, it was purposed to impose Rs150 billion new taxes in the federal budget and Rs30 billion in the Punjab budget.

The economic survey report will be released on Monday ahead of the budget on June 11 and the government is likely to set economic growth target of 4 per cent for 2019-20.

Manufacturing sector slided by 0.3 per cent and. LSM has shown negative growth of 2 per cent and services sector grew by 4.7 per cent. Construction sector showed negative trend and droped by 7.6 per cent against 10 per cent target.

Agriculture sector grew by 0.8 per cent and agriculture sector growth target was set at 3.8 per cent and main commodity recorded a slide of 6.5 per cent. Cotton output has decreased by 12.7 per cent against 8.9 per cent growth target. Livestock has grown by 3 per cent against target of 3.8 per cent.

Punjab govt likely to impose 30bn new taxes in next budget

The Punjab government has prepared the documents to impose new taxes worth of 25 to 30 billion in next budget, the reports said.

According to the reports, the provincial government is expected to impose new taxes on people and suggestions to collect property taxes from motorways and restaurants.

The reports said that the Punjab government has prepared the documents to impose taxes of 25 to 30 billion in next fiscal year. It also said that government is mulling to increase agriculture income tax and suggestions to impose new carbon tax on use of fuel are also under consideration.

The reports further reported that the government is considering widening the professional tax while professional tax on lawyers has been delayed, adding that the government is also considering to impose tax on beauty salons.

It was proposed to increase the development fund from 275 to 305 billion rupees in next fiscal year. The government is also considering to allocate 14 billion rupees to complete Orange Line Metro Train.

On the other hand Punjab government is planning to increase growth rate by 5.2 per cent in next fiscal year. The government is likely to allocate 3 billion for South Punjab secretariat.

The Punjab government has prepared the suggestions to create over 0.5 million new jobs in next fiscal year.

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