Pakistan is facing immense problems and issues regarding the stability in the economy and getting more investors for the projects. There are many things which need to change for getting the employment for the young generation in their own country, but trust me Naya budget is not one of the amendments which we need to do for that. Recently Asad Umar proposed a budget which was the worst of it’s kind and opposite to what PTI suggested earlier during their election campaigns.
Naya Budget By Finance Minister
Following are some of the prominent changes
According to the Finance Minister, the development plan of national development has reduced approximately Rs250 billion to Rs725 billion.
There is a plan to bring down the budget deficit to 5.1%. This new budget will also increase the duty on the goods which are imported to Pakistan such as expensive Mobile phones, vehicles and other electronic stuff. No doubt this is a very nice step by the finance minister. Those who earn 200,000 per month will pay the tax an that is a compulsion.
This will increase the development process more rapidly as these people will be contributing towards by paying tax as these amendments were for the poor only in Nawaz’s government. Income tax slab raised from 15pc to 30pc which is the highest tax rate right now! Customs duty will be increased on luxury items above 5000. and on more than 900 import items regulatory duty is going to be increased.
Rate Of Petrol
Here the point raised By the Finance Minister does not seem valid enough as Asad Umer was the person who bluntly spoke about the increase in rates of petrol when Nawaz was in power. He stated bluntly that when all around the world rates of petroleum are very less then why is Pakistan suffering alone? Before introducing the budget he told people to wait for his strategy regarding it.
Incidence of tax on petrol in the prices effective today is 23.6% ,less than half the tax rate of 52% which i had criticized. pml n govt had Rs.300 billion as petrol levy in budget for this year. Wait for my strategy to be presented to parliament and u will see the difference. https://t.co/stUPBkL1lD
— Asad Umar (@Asad_Umar) September 1, 2018
Now the statements are totally different, Asad Umar has informed people that in some days petrol rates will increase 20 rupees more. This will happen when the rate of rupee will decrease in the international market. Sorry to say, sir, this is your issue to solve! That’s why you are here!
Media is highlighting his statement and showing the disappointment towards the monotony by Finance minister, Asad Umar. Journalist Syed Ali Haider has tweeted a tweet by Asad Umar compelling him to remember his own statement.
— Syed Ali Haider SAMAATV (@SyedAliHaider13) September 18, 2018
Tax On cigarettes
the best thing about this budget was increasing the tax on cigarettes and this is really a point which needs to be appreciated. Many people on twitter seem happy and the smokers are committing to leave this habit after hearing the stance of finance minister over it!
We all know that Asad Umar is CEO of Engro fertilizer. He has viewed the need for fertilizers in Pakistan for raising the level of agriculture. But importing the Wheat of Afghanistan seems very absurd when it could be utilized within Pakistan.
PTI need to work on their strategy as they need to keep the answer ready for each amendment and the step they take. This time Naya Pakistan won’t allow anyone to exaggerate their taxes. This time budget has to satisfy each and every Pakistani. Otherwise, Pakistanis Know how to take action! All be best Asad Umar for all those plans you have for the development of our country.