The next federal budget will bring relief to salaried people and new reductions in electricity costs, Federal Minister of Finance Muhammad Aurengzeb said Thursday.
Aurnagzeb announced that a detailed help plan for the wage class has been completed and will be shared with the International Monetary Fund (IMF). He added that efforts are being made to obtain lower energy invoices in July, or before.
Aurengzeb declared that all the objectives of the IMF have been met, and the Fund Executive Board is expected to approve the personnel agreement in May.
Pakistan also anticipates the release of the next section of loan of $ 1 billion, together with additional climatic financing.
The Minister of Finance said that 98% of the budget proposals of the public and private sectors have been received, and the relevant interested parties will be informed about what suggestions are feasible before the budget is presented in Parliament.
He clarified that the budget will be implemented in its final form as of July 1, without changes after approval, to guarantee rapid execution.
Aurengzeb also commented on tax reforms, saying that although merchants’ tax collection has improved, the merchant scheme should not be linked to income collection.
A simplified tax declaration form for general use is being developed, and fiscal policy will now fall directly to the Ministry of Finance.
