Apr 242008


ISLAMABAD (April 24 2008): While referring to a paradigm shift in government economic policies, Finance Minister Ishaq Dar on Wednesday hinted at imposing capital gain tax on real estate business and some other new areas in the next budget to add to profit-makers’ contribution in revenue generation.
Addressing at a two-day workshop of Afghan-Pakistan parliamentarians on ‘Key Challenges in Parliamentary Oversight’, and later talking to media persons he expressed dissatisfaction over the profit-makers’ contribution in revenue generation.

He said the poor of Pakistan had done a great job by contributing in a big way for revenue generation, and now it was high time for the rich to come forward and pay taxes on capital gains to help Pakistan enhance its revenue collection and meet expenditures from indigenous resources.

He said that the government was working on a reorientation plan for bringing the rich into tax net. He said the government would provide to the poor whatever relief could be possible in the forthcoming budget. He said that the government wanted the rich to carry their bag and share some percentage of their income for the economic progress of Pakistan.

The Minister added that the Shaukat Aziz government had committed criminal act by understating the budget last year and leaving huge financial mess for the new government. He said the Shaukat Aziz-led government preferred political mileage over good governance, which created serious problems for Pakistan’s economy. He said: “Even a simple accountant will question Shaukat Aziz government’s budgetary figures, and conclude that it deceived the nation on the most important issue, like budget.”

He said that the new government would not sit ideal and wait for more jolts to the economy, and added that a comprehensive strategy was being followed to control the damage done to economy by Shaukat Aziz’s government, at the same time providing the poor some relief in the budget.

He hinted at reconstitution of National Finance Commission (NFC) for enhanced disbursement of resources to provinces from the divisible pool. The Minister said that restoration of deposed judges was important to avoid November 3-like punitive act for personal gratification of an individual.

Dar said that the deposed judges would be reinstated within the stipulated 30 days. He urged the parliamentarians to resolve their differences in the Parliament to avoid time and again military intervention in Pakistan’s political system.

Minster for Privatisation and Ports and Shipping Naveed Qamar briefed the participants on budgetary process and other parliament working and said that Pakistan’s constitution provides a cover from debate to President Office, Senate and National Assembly and at least two other security-related departments.

He presented a detailed working of Pakistan’s parliament to the participants. He denied any differences between coalition partners on the restoration of deposed judges. The Afghan side also gave a comprehensive presentation on its parliamentary system and the role of Afghan President and other parts.
Courtesy: Business Recorder

 Posted by at 8:13 am

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