Govt to announce package of exports incentives soon: Miftah Ismail

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Minister for Finance Miftah Ismail said an incentive package for exports would soon be announced.

He was addressing post-budget news conference along with Special Assistant to Prime Minister on Revenue Haroon Akhtar in Islamabad today (Saturday).

Finance Minister has dispelled the impression that expenditure of departments would increase during next financial year.

He said efforts are being made to bring more people to tax net.

He said salaries of the Government employees enhanced in the new budget.

Special Assistant to the Prime Minister on Revenue Haroon Akhtar said FBR revenue has doubled during five years of present Government.

He said inflation has been kept at an average of 4.5% and fiscal transfers to provinces have increased from 1300 billion rupees in 2013 to 2300 billion in next financial year.

Haroon Akhtar said there would be tax audit once in three year while salaried class has totally been exempt from audit. A simplified tax return has also been introduced.

The Special Assistant also enumerated revenue generation measures proposed in the budget for the next financial year.

These include among others increase in excise duty on cigarette and cement, sales tax on steel, restriction imposed on non-filers in respect of purchase of property above four million rupees and gifting of property only to relatives.

He said there would be no tax on remittance worth 10 million rupee annually and NADRA data would be shared with banks to trace potential tax payers. -APP

Story first published: 28th April 2018

Originally Posted on SamaaNews

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