Tuesday, August 9, 2022

The poor will get relief and the rich will be taxed: Muftah Ismail

Finance Minister Muftah Ismail has said that he hopes that the IMF program will be revived in a day and a half.

He said this while talking to reporters at Parliament House. Muftah Ismail said that he hoped that the IMF program would be restored in one and a half years. Income tax exemption will be maintained on the given annual income of 1.2 million.

Earlier, a meeting of the Standing Committee on Finance was held under the chairmanship of Saleem Mandviwala in which Finance Minister Muftah Ismail, former Finance Minister and member of the committee Shaukat Tareen and others participated.

In the meeting, Finance Minister Muftah Ismail said that poor people will get relief and rich people will be taxed. Refunds of pharmaceutical companies will start paying from next four days. Will clear the money in a month.

He said that the finance committee has suggested that tax should not be levied on Rs. 30 crore and income of more than Rs. 30 crore should be taxed.

The Finance Minister said that Prime Minister Shahbaz Sharif is angry over the increase in taxes and he is repeatedly urging to reduce taxes. I ask the Prime Minister how the revenue will increase if we do not increase taxes.

Muftah Ismail revealed during the meeting that only 14 to 15 kg of gold came to Pakistan legally in the last financial year while 80 tons of gold is being smuggled into the country every year. There is income, when I asked the shopkeeper, he said there are 4,000 sales daily.

Committee member Shaukat Tareen said that we worked to document sales tax for pharmaceutical companies. If they are taxed less than 17 sales tax, they will not pay.

Shaukat Tareen said that the FBR has automated the refund system, if the refund of pharma owners is stopped, it means that their documentation is not complete, the government should not back down from such difficult decisions. Should.

An interesting dialogue took place between the members of the committee and Finance Minister Muftah Ismail during the meeting. The committee members asked the finance minister to refrain from taxing the poor.

Chairman of the committee Saleem Mandviwala said that if a single digit goes above 300, he will have to pay tax on the entire value. Muftah Ismail said that your words carry weight but money is very much needed.

Shaukat Tareen said that you should cut the pockets of others instead of the poor, to which Finance Minister Muftah Ismail said that they would also cut.

Muftat Ismail’s reply to Shaukat Tareen caused laughter in the meeting.

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