Rs 104 billion subsidy being provided on petroleum products: Shaukat Tarin

Government of PakistanRs 104 billion subsidy being provided on petroleum products: Shaukat Tarin

ISLAMABAD, Pakistan: The Federal Minister for Finance Shaukat Tarin has said that the federal government is providing a subsidy of Rs 104 billion on petroleum products in order to provide relief to the people.

While addressing a news conference in Islamabad on Wednesday, he said that given soaring prices of petroleum products in the international market, we have reduced the petroleum levy and brought to zero the sales tax.

Shaukat Tarin said that those using 700 units of electricity per month will be provided with subsidy of Rs 5 per unit for the next four months. For this, he said, that we will have to give a subsidy of Rs 136 billion.

The finance minister said that negotiations have been held with the International Monetary Fund (IMF) over the relief package announced by Prime Minister Imran Khan. He said that the IMF should not have objections on the package as we are meeting it from our own resources including enhancement in tax revenues, adding that this will not increase our fiscal deficit.

The minister further said that the government has also given industrial relief package to promote industries in the Country. He said that the package envisages tax holiday for Overseas Pakistanis and incentives for the turnaround of sick industries.

The finance minister said that tax exemptions have also been given to the IT Sector in order to significantly bolster its exports. He pointed out that the IT Sector grew by 47 percent last year and is currently growing by 70 percent. He said that we target 100 percent growth in the sector during the next year.

Must read

Recent News

Moscow says it won’t allow US to silence UNSC on Israeli violence against Palestinians Monitoring Desk: Russian envoy in United Nations Vasily Nebenzya said that the UN Security Council should bring peace, stability and prosperity to the Middle East and Russia would not allow United States to silence UNSC over the issue of Gaza crisis. According to TASS news Agency, Nebenzya said that Moscow will continue to call for an end to violence against Palestinians and will not allow the US to muzzle the UN Security Council as Washington seeks to support Israel's operation in Gaza. "We will continue to stand firmly for ending violence against the Palestinians. Without a shadow of a doubt, we will continue to expose the abuses and sanctimony with which the US is handling the situation. We will not allow the Americans to gag the entire council with their hands in an effort to encourage further continuation of Israel's ruthless operation," he said in a speech at the Security Council.

Moscow won’t allow the US to silence the UNSC on Israeli violence against Palestinians

0
Monitoring Desk: Russian envoy to the United Nations Vasily Nebenzya said that the UN Security Council should bring peace, stability, and prosperity to the...

From Valdai to Margalla Dialogue —- All roads to Civilisations go through Islamabad

0
By Shazia Anwer CheemaThe emergent realities of global security are fundamentally transforming the frame of references and trajectorial approaches toward them. New security architecture...

12 more men in uniform embraced martyrdom for the motherland in Pakistan

0
Monitoring Desk: 12 more men in uniform embraced martyrdom for the motherland in Pakistan, said Inter Service Public Relations (ISPR) of the Pakistan Army.On...
Dr. Attia Anwar

Lifelong learning

0
By Dr. Attia AnwarAs we age, our minds and mental health become more important. We should try to maintain and improve them. Education is...
12th Defense Expo 'Ideas 2024' 'Weapons for Peace' a major step in defense diplomacy

12th Defense Expo ‘Ideas 2024’ ‘Weapons for Peace’ a major step in defense diplomacy

0
By Asghar Ali MubarakIdeas 2024, the global exhibition of defense equipment, will begin today at the Karachi Expo Center on November 19, in which...
Advertisement