Newly appointed Finance Minister, Miftah Ismail claimed on Monday, that the new budget includes measures that will ensure Pakistan does not approach the International Monetary Fund (IMF) for another bailout package.
Addressing a seminar organised by the Institute of Chartered Accountants (ICAP), Mr Ismail argued that it was essential the government reduce the budget deficit and boost exports to prevent a foreign exchange crisis.
He then claimed that the new budget contained provisions for carrying out these measures, which would guarantee Pakistan does not have to go to the IMF.
The Finance Minister also argued that the incumbent government had presented the best budget it could have presented, and the budget would ensure smooth governance for the new government.
He also argued in favour of the tax amnesty scheme, claiming that high tax rates hinder growth. He also said that the elite were spending on luxurious items and cars, and had been evading taxes.
The new tax policy would prevent this evasion, he added.
Continuing to address the issue of taxation, he said that the Federal Board of Revenue (FBR) had been assigned a target of collecting Rs 4.5 trillion in taxes in the outgoing fiscal year.
