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13 June, 2019 00:00 00 AM
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Pakistan vows to raise revenues with new budget following IMF deal

AFP, Islamabad

Pakistan Prime Minister Imran Khan’s government vowed to collect more taxes and make cuts in spending in a closely watched budget presented to parliament Tuesday, weeks after reaching a deal with the IMF for a $6 billion bailout.

Before a rowdy parliamentary session, the government announced plans to slash civil expenditure and freeze military spending while promising to substantially raise revenues to stem a yawning fiscal deficit, as it pledged to collect 5.5 trillion rupees ($36 billion) in taxes.

“We have slashed the civil budget by five percent while the military budget will remain the same,” said Hammad Azhar, Minister of State for Revenue, as he announced the details of the plan.

“The financial year 2019-2020 will be a year for economic stability. We will make some tough decisions and will try to save the poor public from the effects of those tough decisions,” he added.

Azhar went on to highlight a range of new taxes and increases in existing levies in the new budget, saying raising revenues was pivotal to stabilising the country’s economy.

“As long as we do not improve our tax system Pakistan cannot prosper,” said Azhar.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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