No new taxes to be introduced in mini-budget: Shaukat Tarin

KARACHI: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin on Friday refuted claims that the government would introduce any new taxes in the mini-budget following an agreement with the International Monetary Fund.

But went on to say that the government would withdraw some of the exemptions granted to the business community.

Addressing the First GEM Board Listing Ceremony as a chief guest at Pakistan Stock Exchange, Tarin said that misconceptions were spread about the IMF agreement.

He said that 223 new companies have started with small investments, GEM Board Trade Financing will help in improving the capital market.

The adviser acknowledged the increase in tax rates and the introduction of new taxpayers and said that 40 allied industries are associated with the construction sector, the registration of companies has increased by 20 per cent as compared to the past.

“We have to restore the confidence of the people in the stock market. SMEs are playing a vital role in the economy of the country,” he added.

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Referring to small and medium enterprises (SMEs), the financial adviser said that ironically up to 5 million SMEs and only 170,000 SMEs get loans from banks.

He stressed that SBP too is playing a role in repaying loans to SMEs and the finance ministry is trying to maintain interest rates.

Tarin underscored that the business community in Pakistan should enjoy the same benefits that the neighbouring countries offer.