Highlights of Finance Minister’s post budget press conference

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APP24-27 ISLAMABAD: May 27 – Finance Minister Senator Mohammad Ishaq Dar briefs the media persons during post budget press briefing. APP photo by Irfan Mahmood

ISLAMABAD, May 27 (APP): Following are the highlights of Finance
Minister Ishaq Dar’s post budget press conference:-
• One million youth will be imparted IT training.
• Rs 120 billion new taxation proposed, while relief measures will cost Rs 33 billion.
• Refund for textile sector will be cleared by August 14.
• Tax refunds upto Rs 1 million to be cleared by July 15.
• All other tax refunds to be cleared by April 30, 2018.
• A new housing sector will be set up for overseas Pakistanis, Foreign Currency proceeds will go to State Bank of Pakistan, while its Rupee component will be given to CDA.
• Current expenditures will not be allowed to exceed the inflation rate.
• More than two million small farmers will be given special concessional loans.
• Adhoc relief of 2009-10 will be merged in basic salaries of federal government employees, and on the merged basic 10 percent adhoc relief will be given to employees

• Concessions given to poultry sector in taxation are clear
• On tubwells and other machinery there will be no tax
• There will be privileged rate saving schemes for Shuhada and the disabled
• Allocation for Pakistan Bait-ul-Maal increased
• Rs 180 billion package for textile sector to continue
• Allocation for Higher Education Commission doubled from Rs 35 billion to Rs 70 billion
• All stakeholders were involved and given patient hearings before finalizing the budget plan
• Need stressed to evolve consensus on the vision (2018-23)
• 10,000 additional MW electricity will be added to the national grid next year
• No new taxation for common man in the budget
• Defence sector received special attention
• No new tax on milk
• Agriculture credit increased to Rs 1,001 billion