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Rs 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.

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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.

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