Past govt fail to devise policies for lasting economic development: Hafeez
KARACHI (92 News) – Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh has said that the governments in the past failed to devise the policies for lasting economic development.
Addressing a gathering of the Council of Foreign Relations in Karachi, Abdul Hafeez Shaikh said that last government did not pay attention towards trade promotion and increase in exports. “We are facing internal and external challenges and government is focusing on reducing expenditure,” he added.
Hafeez Shaikh has said that the better economic policies are the assurance of good economic and government is taking steps to strengthen and stable country’s economy. He said increase the exports instead of import are focused in the budget and subsidies are being provided to increase the export.
Govt to achieve Rs5500b target in revenue collection
Hafeez Shaikh said that all out efforts are being made to achieve the target of 5500 billion rupees in revenue collection. He said that everyone has to pay the tax and government has ended the concept of non-filer in the budget of 2019-20.
The finance adviser said that the economy of the country should not be restricted to five export sectors adding that Prime Minister Imran Khan giving special attention to the tourism sector. He further said that Pakistan’s major institutions have come forward to help the national economy.
Shaikh Hafeez said he is big supporter of reforms in the public sector adding that the state should stay away from doing business. He promised to announce a business policy after approval of the budget from the parliament.
Federal Board of Revenue (FBR) Chairman Shabbar Zaidi was also present in the gathering.
In his address to the gathering, the FBR chairman pointed out presence of vested interests in the agriculture sector. He said the government has enhaced tax on thousands middlemen in agriculture sector. He said the tax on middlemen has been increased by ten-fold from existing Rs. 10,000 to 100,000 rupees.
The government will not impose tax on anyone above the bearable level, Shabbar Zaidi said. He said that the constitution accords responsibility to the province to receive agriculture tax.