Politics free budget to be presented on June 1: Dr Hafeez Shaikh ...

Karachi: Federal Finance Minister Dr. Abdul Hafeez Shaikh has brushed a side the impression that election year?s budget will be presented for political mileage but no additional tax particularly on agriculture will be levied by the government.

Speaking as a chief guest at luncheon meeting on Sunday at Federation of Pakistan Chamber of Commerce and Industry (FPCCI), he said the budget will be likely to be announced on June purely on present country?s economic situation without any interest to get political edge by the sitting government.

The economic stability would be kept in mind in the budget therefore it is being prepared professionally rather than engineered by economic managers.

There is a need to contain expenses and enhance revenues of the country through taxes and the upcoming budget will be based mainly on these factors.

Dr. Hafeez Shaikh said that no new tax in the budget will levied on the corporate sector and business and the lower income group will be provided relief.

He said the tax system would be made easiest for taxpayers and they would not be overburdened in next budget however he said the tax evaders should be brought in the tax next and the policy of broadening the base of taxpayers will be continue. But people seeking relief in the name of common men would not be entertained, he added.

Finance Minister ruled out any imposition of tax on agriculture sector, saying federal government cannot impose income tax on agriculture gains because it is provincial subject under constitution.

The developing countries usually have problems of low tax-to-GDP ratio, reduced development resources and corruption, he added.

The upcoming budget will be fifth of the present government and third in a row for the sitting finance minister.? About the performance current fiscal year he said that the GDP growth would stay around 3.7 percent despite economic challenges.

Regarding prevailing energy crisis in the country, he said that a collected effort needed to overcome this issue because the government had already provided Rs1,000 billion subsidy on electricity including a subsidy on fertilizer to ensure food security.

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