Karachi: Ministry of Finance spokesman Muzamir Aslam said on Saturday that the price of petroleum products in the country will fall in the coming days.
On New Year’s Eve, the federal government increased gasoline prices by 4 rupees per liter to meet the International Monetary Fund (IMF) gasoline tax target.
At the press conference, the spokesperson also defended the government’s decision to pass the 2021 fiscal bill to collect more than 300 billion rupees in further taxes, and said that the international money lender has made more demands.
“The IMF had [asked the government] to impose taxes worth Rs700 billion, but we introduced taxes of only Rs350 billion,” Aslam said.
The spokesperson said inflation was a global phenomenon and a similar situation was witnessed in 2008 — a year of severe worldwide economic crisis.
He also noted that it was important to review the rates of inflation over the last six months, but stated that several financial sectors performed well during the previous year.
The spokesperson added that the Finance Bill 2021 was not the “mini-budget”, as the Opposition had dubbed it. “We are also putting an end to the unnecessary tax exemptions awarded by the previous governments.”
After unveiling the supplementary finance bill on Thursday, Federal Minister for Finance and Revenue Shaukat Tarin had termed the Opposition’s criticism of imposing additional burden on the people and of a consequent rise in inflation as “baseless”.
In a speech at a joint press conference held by the Minister of State for Information and Broadcasting, Farouk Habib, Tallinn said that the bill has revised a tax amendment worth 343 billion rupees.
He shared the details of the supplementary finance bill announced by the former minister in the National Assembly at the press conference. He said that the 70 billion rupees tax rebate includes taxes on luxury goods and commercial items, including imported fish, high-end baked goods, expensive cheese and imported bicycles. .
General-purpose items such as personal computers, sewing machines, matchboxes, iodized salt, red peppers and contraceptives will be exempted from the tax exemption worth 2 billion rupees.