Rs1400 bil­lion sub­sidy pro­vided on elec­tric­ity: Hafeez Sheikh

The Pak Banker - - Front Page -

IS­LAM­ABAD

Fed­eral Min­is­ter for Fi­nance and Rev­enue Dr Ab­dul Hafeez Sheikh has said that the in­cum­bent gov­ern­ment has given Rs.1400 bil­lion on elec­tric­ity sub­si­dies in last four and half years.

Ad­dress­ing at the 28th An­nual Gen­eral Meet­ing and Con­fer­ence or­ga­nized by Pak­istan So­ci­ety of De­vel­op­ment Eco­nom­ics here on Tues­day, Dr Ab­dul Hafeez Sheikh said the gov­ern­ment was pur­su­ing re­gional bal­ance in de­vel­op­ment fo­cus­ing on Balochis­tan, Gil­gitBaltistan and Fed­er­ally Ad­min­is­tered Tri­bels Ar­eas (FATA) where spe­cial projects have been launched to im­prove the so­cio-eco­nomic con­di­tions of the peo­ple.

He said that af­ter 7th Na­tional Fi­nance Com­mis­sion (NFC) award the prov­inces have been given more re­sources to im­prove the so­cioe­co­nomic con­di­tions of the peo­ple as the gov­ern­ment had pro­vided Rs.5000 bil­lion to the prov­inces which will help them to man­age their af­fairs whereas un­der the changed for­mula of NFC, ad­di­tional Rs.1000 bil­lon were given to the prov­ince in the last two years. He said Rs. 260 bil­lion were also dis­trib­uted among 3 mil­lion poor fam­i­lies in the coun­try.

“Peo­ple who are not pay­ing their due taxes will be brought un­der tax net and those peo­ple who are al­ready pay­ing their taxes are be­ing fa­cil­i­tated by re­duc­ing tax burden on them,” fi­nance min­is­ter said.

He said dur­ing on­go­ing fi­nan­cial year 2012- 13 the gov­ern­ment will give spe­cial fo­cus on ex­pand­ing in­come tax base whereas in last two years fo­cused was given on sales tax and had brought about many changes in the over­all tax­a­tion sys­tem.

He said the present gov­ern­ment has spent Rs.3000 bil­lion on Pub­lic Sec­tor De­vel­op­ment Pro­gramme (PSDP)and 650 fed­eral de­vel­op­ment projects have been com­pleted in last four and half years which will go a along way in the over all de­vel­op­ment of the coun­try.

He said that the present gov­ern­ment has elim­i­nated 392 reg­u­la­tory du­ties out of 397 and all 100 spe­cial du­ties were elim­i­nated and the cus­tom duty on im­ports has been slashed in or­der to open the econ­omy to at­tract the for­eign di­rect in­vest­ment.

He said the is­sue of cor­rup­tion can only be ad­dressed by al­low­ing in­sti­tu­tions to work in their do­main and it was first time in the his­tory of Pak­istan that Se­cu­ri­ties and Ex­change Com­mis­sion of Pak­istan (SECP), Com­pe­ti­tion Com­mis­sion of Pak­istan (CCP), Supreme Court of Pak­istan and other in­sti­tu­tions in­clud­ing me­dia were work­ing in­de­pen­dently which was a pos­i­tive de­vel­op­ment which will help at large to tackle the is­sue of cor­rup­tion.

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