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Home / Breaking News / No new taxes in upcoming budget for fiscal year 2020-21: Hafeez

No new taxes in upcoming budget for fiscal year 2020-21: Hafeez

ISLAMABAD -UNS – Adviser to Prime Minister on Finance and Revenues Abdul Dr Abdul Hafeez Shaikh Tuesday said that the government would not impose any new taxes in the upcoming budget for the fiscal year 2020-21 to facilitate the industry and help check contraction of economy.

Talking to a private news channel, he said that no new taxes would be introduced in the upcoming budget and we will not take any tax measure that overburdens our industry.

The adviser said that in current times when global economy was badly affected by COVID-19 (Coronavirus) pandemic, there was need to help expand economy, instead of enhancing tax rates. He said that the government would rather provide incentives to the sectors that could create more job opportunities and the sectors that generate activities in many related industries to have multiple economic effect.

Hafeez Shaikh cited the example of construction sector, for which the government had already announced a relief package to boost economic activities and provide employment opportunities.

“Government would also zero rate different tariffs, while the existing export incentives would not only be kept in tack, but would be further enhanced,” the adviser said and added the government in the upcoming budget would also decrease various duties on import of raw materials to reduce the cost of doing business.

He said that efforts would be made to maintain the subsidies provided in the corona period to ensure liquidity to commercial and industrial units through various initiatives. However, the adviser stressed the need for enhancing non-tax revenues, adding that during the current fiscal year, the country had surpassed the Rs1.1 trillion collection target of non-tax revenues.

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