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73 % decrease in current account deficit : PM’s Adviser on finance

Adviser to Prime minister on finance Hafeez shaikh provided the details of the current situation and milestones achieved by the government in his recent press conference.

Finance advisers said that an austerity bill was passed in which the expenses of defense government were reduced, and the defense expenses were freeze, the pays of cabinet members were reduced, and they created strictness on the expenses.

He said “On the other hand we have set a great target of 5.5 trillion in terms of the revenue to minimize the dependency of Pakistan on rest of the world.

The Adviser said last year the current account deficit was at the height of devastation. The figure of current account deficit has reduced from 19.5 billion to 13.5 billion to stabilize the reserves of Pakistan.

In the month of July as compared to the last year exports have been increased and the number of imports has been decreased as a result current account deficit has decreased from 2.1 billion to 0.6 billion in the last 1 year. It means 73 % decrease in the current account deficit, to stabilize the price of dollar and to reduce the pressure on our reserves.

Further the Finance adviser discussed that the taxpayers are weak in Pakistan and they have tried to make it a strong pillar of government’s policy. In terms of tax payments, a great target has been fixed. He said in the first 2 months of government’s new year, there has been betterment as compare to last year. Last year 509 billion tax was collected in July-august and now 580 billion are collects in last 2 months. A total of 15% increase in taxes.

However, the imports have been decreased as a result the custom duties income has also decreased but 38% inland taxes are increased. On the other hand, the number of tax filers in Pakistan was 19 lac which has now been increased to 25 lacs, which means 6 lac more tax filers have been registered in FBR by the government to improve the taxes in future.

22 billion sales tax refunds from 2015 till now have been given. No sales taxes refund is now due on which the RPOs have been made. The refund to mediocre taxpayers who had income tax of less than 1lac has been given.

According to the adviser, Exporters wanted to get their refunds sooner that’s why the governments has made this system mechanical and the people will just have to insert their data and they will get 100% refund on 16th of every month.

Further the adviser discussed that, a decision has been made against the departments who aren’t successfully being ran by the government sector will be handed over to the private sector. The process of privatization has been improved. 10 companies have come on the front for privatization and their advertisements have been published.

The adviser stated that, electricity providing companies where there were many issues while they were being ran by the government sector are now in the process to be privatized. The other big organizations which can bring out betterment can be seen in term of privatization.

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