With Holding relief in the upcoming Budget when trillions in debt.
Let’s Start with an individual who earns Rs 100 and spends Rs 120 each month after thirty years with the same practice the deficit would go beyond the means of possibilities of return & this entity is Pakistan as onwards 1980s a devastation of corruption erupted a whirlpool that did not let stability and meritocracy prevail.
Since then every year before the announcement of Budget there comes a wordy turmoil & mourning and flawless whining on how this budget has deemed and despaired the deprived people of Pakistan.
Yet what is not told have on account of running the country How much, how deep, compromised and how much controlled financial fundings are being injected to this body of Pakistan.
Blames and Fames is a curse knowing & remember when there was nothing from the ashes this pride nation was born and it was founded on integrity, sovereignty and blessings of Almighty.
How can we all can expect a bliss for all when everything we have & earn is pledged and conditioned by’ International Monetary Fund (IMF)the general expectation based on the ‘condition to bring the primary deficit to 0.6 percent of Gross Domestic Product (GDP) from the current 1.9 claimed by the government (2.1 percent by independent economists) it requires massive de-escalation in expenditures and prime escalation in revenue collection in order to sustain a much stable economic Pakistan.
The economic team of an elected government is seeking every possible way to uplift Pakistan deserted economy, Asset and Tax amnesty Scheme 2019 is rolled out along budget tax revenue target of 5.5 trillion rupees, around 39 % higher than the previous year. A maximum of 1 trillion Rs revenue can be squeezed out of the current economy. projected GDP growth rate is 4 percent for next year while realistic growth estimation is 2.7 percent after fiscal tightening measures are taken, contractionary to IMF policies, dampen productive activity to 350 to 400 billion Rs where best administrative disposals may generate 250 billion rupees next year but depend upon proceeding against the non-filers.
80 to 90 % of eligible filers may increase & sales tax 1% could propagate a whopping 100 billion rupees value of each rupee earned with serious socio-economic can get the system to toss considerable revenue in the tax net.
Expenditures of 675 billion rupees are proposed by Planning Ministry and, around 100 billion Rs 15%has been allocated for the Prime Minister’s social sector programs which again was never remained a concern for previous governmental regimes. CPEC projects will hold a priority yet overall GDP growth may suffer as the current crisis demand a watchful measure. Debt servicing will hold a big account as IMF bailout plans to current expenditure year. The most prolific & bold decision of all times in Pakistan’s history Chief of Army Staff has announced voluntarily to maintain the same budget year for the military as in the current year, this announcement that was being hoped by IMF staff level agreement. Yet no other sector tied to induce such example as civil services, foreign affairs & customs the most privileged sectors could have opted for 1-year financial subtleness.
Health tax on tobacco and Soft drinks is a step that must continue to rise every year and heavy taxation on all imported items must also be aligned in order to promote local products and decrease imports.
To the Readers each one of us is truly capable of contributing to the best interest of Pakistan, let go of personal interest and help in every way possible to make our country sovereign and marvelous.
ZameenHomes encourages the masses to support the consolidating step of this budget 2019- 2020:
(Allocation of funds for Ehsaas program).
(Reduction of irrelevant 25 WH taxes)
(introduction of health tax on tobacco and carbonated drinks)
(luxury tax on first-class air Travel).