Press Releases - PM's relief package laudable but allocation insufficient, says Zahid Hussain.
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Friday lauded the relief package for poor but dubbed allocation of Rs15 billion as insufficient.
The funds allocated for the purpose are inadequate as per capita expenditure after deducting administrative and other expenses and losses will be around Rs100, he said.
Talking to the business community, the veteran business leader the project needs more funds and added clarity to make it a success.
The former minister noted that the IMF has demanded additional revenue collection of Rs200 billion for which government will have to consider a new mini-budget, enhanced sales tax on various items, jacking up tariff of electricity and gas and sale of assets.
However, he said that privatization proceeds cannot be shown as revenue under the law.
Mian Zahid Hussain said that FBR has started considering increasing sales tax to 17 percent on a number of items attracting sales tax at a rate of 7, 10 and 15 percent.
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