The finance advisor expressed concern over a spike in non-tax revenue to 3587 billion rupees, attributing it as a major driver of inflation that will impact all sectors.
Peshawar: Khyber Pakhtunkhwa Food Minister Zahir Shah Toro has declared plans for nationwide protests demanding the release of Founder Chairman Imran Khan.
Minister Zahir Shah Toro announced protests scheduled for June 14 across the country, emphasizing the Chief Minister’s support for demonstrations in every district of KP. The protests aim to denounce what they term as fabricated legal cases against Imran Khan.
Asserting adherence to constitutional and legal frameworks, Zahir Shah Toro affirmed that the protest in Mardan at 5 PM will uphold lawful dissent and advocate for justice.
KP Finance Advisor Slams Federal Budget as “Economic Murder” for Common People
Peshawar: Khyber Pakhtunkhwa’s Finance Advisor, Muzamil Aslam, has vehemently criticized the federal budget, labeling it a “poison-killer” for the common citizens and predicting severe repercussions on daily life and business.
In a scathing response to the federal budget, Aslam condemned it as being dictated by the IMF rather than reflecting the government’s own priorities. He highlighted that while KP has pursued pension reforms, the federal budget imposes harsh tax increases, particularly burdening the salaried class with rates soaring from 35% to 45%.
Aslam pointed out significant changes in tax slabs and increases in capital gains tax, emphasizing a reduction in real estate tax for first-time filers to 15%, but a staggering 45% for non-filers, citing IMF pressure.
The finance advisor expressed concern over a spike in non-tax revenue to 3587 billion rupees, attributing it as a major driver of inflation that will impact all sectors. He underscored that despite a projected income of 9111 billion rupees after provincial payments, interest payments alone amount to 9700 billion rupees this year, raising serious fiscal concerns.
Aslam criticized the budget’s allocation of 593 billion rupees for the BISP program, projecting an increased beneficiary count to 10 million people but questioning its impact amidst broader economic challenges.
Read more: Government proposes 45% tax on non-filers in Budget 2024-25
Regarding economic forecasts, Aslam argued against the budget’s 12% inflation target, predicting even higher inflation rates. He criticized the introduction of a late filer category after non-tax filers, anticipating further economic complexities. He also cautioned about the burden of increased petroleum levies and acknowledged modest salary increases, which could strain provincial surpluses.
The finance advisor’s critique underscores growing apprehensions over the federal budget’s economic impact on Pakistan’s populace and fiscal health.
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