Rs1400 billion subsidy provided on electricity: Hafeez Sheikh
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.