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

Global peace today is confronted with ever evolving threats and challenges, says COAS Gen Asim Munir

Global peace is confronted with ever-evolving threats and challenges, says COAS Gen Asim Munir

0
Islamabad, Pakistan: General Syed Asim Munir, Chief of Army Staff (COAS) has said that global peace today is confronted with ever-evolving threats and challenges.He...

Pakistan conducted a successful test-fire of ballistic missile by a Navy ship

0
Islamabad, Pakistan: Pakistan has conducted a successful test-fire of an indigenously developed ballistic missile by a Navy ship, reports DND News Agency from Islamabad.The...
The author Dr. Attia Anwar is a consultant family physician with a postgraduate degree from the Royal College of GP UK. She is a strong advocate of health and well-being and wants patient participation in decision-making regarding health.

Altruism is new egotism

0
By Dr Attia AnwarKindness is another thing that makes your life better. It is very important for the pursuit of happiness. After expressing gratitude...
Iranian Foreign Minister Seyed Abbas Araghchi has arrived in Pakistan today on a two-day official visit and he will hold meetings with civil and military leadership of Pakistan. This is his first visit to Pakistan after Israel attacked Iran in response to Iranian attack on certain Israeli cities. His meetings with Prime Minister Muhammad Shehbaz Sharif and Deputy Prime Minister / Foreign Minister Senator Mohammad Ishaq Dar are confirmed. Foreign Minister Araghchi will hold consultations on the situation in the Middle East and Pakistan-Iran bilateral relations. This visit provides an important opportunity to advance cooperation and dialogue between Pakistan and Iran on a wide range of areas including trade, economic, energy and security.

Iranian Foreign Minister Seyed Abbas Araghchi has arrived in Islamabad

0
Islamabad, Pakistan: Iranian Foreign Minister Seyed Abbas Araghchi has arrived in Islamabad today on a two-day official visit and he will hold meetings with...
War Model Criminal Justice Model Punitive Justice System and Restorative Justice System

Anti-Terrorism (Amendment) Bill 2024: Can Pakistan mitigate terrorism only with the ‘War Model’?

0
DND ReportThe re-emergence of terrorism in Pakistan is now obscuring Pakistan’s potential to become an investment-oriented destination. Today, Pakistan depends upon the ‘War...
Advertisement