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New amnesty scheme soon, no new tax in next budget: Miftah Ismail

New amnesty scheme soon, no new tax in next budget: Miftah Ismail

KARACHI: Adviser to Prime Minister on Finance, Revenue and Economic Affairs Miftah Ismail on Monday said the government would announce a new amnesty scheme in next few days and there would be no new tax in the forthcoming budget.

While addressing the World Islamic Economic Forum in Karachi, Miftah Ismail said the federal government had excellent proposals for the budget 2018-19. He said Prime Minister Shahid Khaqan Abbasi had issued directives to lessen tax burden on common men.

Miftah Ismail said the government was promoting Islamic Banking in different departments while local industries were also being brought towards Islamic Finance.

The adviser said the economic indicators were positive and the growth rate had reached 6 percent. He said they wanted to bring the growth rate to 8 to 10 percent. He said the standard of life of people living was being improved after the economic situation stabilized.

Miftah Ismail said the Country suffered the scarcity of electricity, adding 10,000 to 12,000 megawatts electricity was added to the national grid system during the tenure of incumbent government. He said the industries were being fully provided with gas and electricity.

Moreover, he said law and order was established throughout the Country including in Karachi. He said law and order situation had a direct link to the economy, and improved law and order situation had restored the economic activities in Karachi.

Miftah Ismail said it was now no longer difficult to achieve economic growth targets after the improved law and order situation in the Country.

The adviser on finance also said an improvement had also been witnessed in tax collection while the tax collection system had been made people-friendly.

The adviser said that the GDP growth rate is at 10 year high. He hoped to curtail inflation rate at 5 percent. He said that the economic growth had been achieved through improvement in security situation and energy availability.

Miftah Ismail said that the present government installed 12,000 MW energy projects during the past five years. He said that the government was carefully assessing the situation of current account deficit.