ISLAMABAD: Finance Minister Miftah Ismail has claimed that Pakistan has been “saved from bankruptcy” as he announced new measures which will be included in the budget for fiscal year 2022-23.
Addressing a press conference, the finance minister said that the government will increase tax collection by imposing taxes on the rich in the country.
He said, “Imran Khan and Co. led Pakistan towards the four biggest historic budget deficits,” and added that the difference between the expenditures and taxes was highest in the history of the country during the PTI tenure.
Miftah Ismail said that the deal with the International Monetary Fund (IMF) over budgetary measures for the next fiscal year 2022-23 has been finalised.
He revealed that he would close the federal budget for the next fiscal year 2022-23 tomorrow with his closing speech in the National Assembly.
Terming the budget proposals “historic”, Miftah said that indirect taxes haven’t been imposed on the consumption of goods on which countries earn more tax. He blamed the previous Imran Khan-led government for burdening the masses by imposing several taxes on consumption.
The finance minister said that the coalition government this time has imposed taxes on the rich, adding that another 1% supertax would be imposed on people earning more than Rs150 million, 2% on income of more than Rs200 million, 3% on people earning more than Rs250 million and 4% on income of more than Rs300 million for a year.