ISLAMABAD, (SANA): Responding to the points raised by the opposition members on the budget, Finance Minister Ishaq Dar has categorically stated that Pakistan will not take loans from the IMF on any conditions.
The National Assembly on Thursday passed “The Finance Bill, 2013” giving legal effect to the budgetary proposals for the next fiscal year. With this, the federal budget with a total outlay of 3591 billion rupees stands approved.
The Minister said the IMF has been told that no new taxes will be imposed to achieve the tax collection targets. Even if the IMF did not give us loan, we will not impose new taxes but efforts will be made to achieve the collection target. Ishaq Dar said that tax to GDP ratio needs to be enhanced to stabilize the economy.
The Minister said the government has not presented any mini budget but included reasonable recommendations of the members including ten percent increase to the government employees in the Finance Bill.
On the GST, Ishaq Dar said we have restricted ourselves to the judgment of the Supreme Court. He clarified that the GST collected from 13 June to 21 June will remain with the national exchequer as per the orders of the apex court. He also clarified that no tax has been imposed on Hajjis but on the income of tour operators.
Finance Minister proposed amendments for incorporation in the Finance Bill including the one relating to collection and Levy of Sales Tax and Excise Duty as well as Income tax slabs. Amendments in the salaries act of the members were also accepted. The House rejected the amendments proposed by the opposition members.
The National Assembly has passed one hundred and twenty Supplementary Demands for Grants and Appropriations amounting to over 327 billion rupees for the year 2012-13 relating to different Ministries, Divisions and Departments.