ISLAMABAD: Finance Minister Miftah Ismail on Saturday said the Economic Coordination Committee (ECC) had approved to remove ban on imports except cars, mobile phones and home appliances.
Addressing a news conference in Islamabad, Miftah Ismail said Pakistan’s imports had recorded significantly decrease of 2.7 billion dollars during July.
“The imports last month were 7.7 billion dollars which have reduced to five billion dollars. The decrease in imports will help in reducing pressure on the Pakistani rupee. With decreasing imports, pressure on Pakistan’s economy will also be reduced from August and our government is determined to minimise the current account deficit left by the Pakistan Tehreek e Insaf (PTI),” he said..
He said the incumbent government had saved the country from default. He said the government was taking steps to broaden the tax net.
The finance minister lamented the previous government for their policies which led the country to economic crisis. He said due to imprudent policies of the PTI government, unemployment had increased.
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“Imran Khan did the same thing that Sri Lanka did by breaking the promise with the IMF and providing petrol on low price to the masses. They said ‘what does it matter if they have breached a little bit of the agreement’,” he said adding that Imran grew the circular debts to Rs1400 billion. By breaking the promise with the IMF, Imran also increased the current account deficit.
He said the last government made no investment on electricity production projects. He said the electricity bill contained most of the price of fuel adjustment of April, so it’s not his fault. The consumers using 100-200 units electricity would be exempted from the tax, he added.
FM Miftah said the shopkeeper who earned 1.2 million a year could pay Rs36,000 tax on it.
He said 5 percent tax would be imposed on the companies not exporting at least 10 per cent of their products. “We will impose this tax next year after consultation with the PM,” he maintained.
Earlier, in a tweet, the federal minister for finance and revenue said that the government efforts to reduce imports had finally borne fruit.
“Imports in July 2022, as per the Federal Board of Revenue (FBR) data, were only $5 billion compared to $7.7billion in June of last fiscal year,” the minister said this on his official twitter account.
Given that “we have pulled Pakistan back from the brink of default, our government is determined to minimise the large current account deficit left by the PTI.”