PTBP Web Desk
Ali Pervez Malik, Minister of State for Revenue, addressed the swirling rumors regarding the possibility of a mini-budget. Speaking to an engaged audience, Minister Malik made it clear that any speculation on the introduction of a mini-budget was premature. “I would be able to comment on the issue when the visiting IMF mission will give its opinion on the said matter,” he stated, effectively debunking the rumors that have been circulating in media circles.
The minister’s remarks came during a session where economic policies and their implications on the public were under scrutiny. Highlighting the government’s focus on easing the financial burden on the salaried class, Malik conveyed directives from Prime Minister Shehbaz Sharif. “Prime Minister Shehbaz Sharif has directed to reduce the income tax burden on the salaried class,” he explained, indicating a policy shift aimed at providing relief to a significant portion of the workforce.
Discussing the economic landscape, Minister Malik proudly noted a significant reduction in inflation rates. “Inflation has significantly come down, from over 35 percent to around seven percent,” he declared, attributing this achievement to stringent policy measures. The government, under his guidance, has imposed taxes amounting to Rs3,500 billion, a move aimed at bolstering national revenue. However, he pointed out a persistent challenge: “Tax evasion needs to be stopped.” He emphasized that combating tax evasion is crucial for plugging revenue leaks and enhancing fiscal stability.
The minister also touched upon the health of the national economy, mentioning the control over the current account deficit which had previously ballooned to $18 billion. His strategy includes ensuring that the ongoing IMF program could potentially be the last, aiming for economic independence in the near future. “We are taking measures to ensure that this is the last IMF programme,” he affirmed, showing confidence in the government’s economic trajectory.
To tackle tax evasion and improve revenue collection, Minister Malik discussed the recent governmental steps to strengthen the Federal Board of Revenue (FBR). “The government has approved a summary to increase its resources,” he stated, indicating an enhancement in enforcement capabilities which is crucial for the effective implementation of tax policies.
