Monday, June 1, 2009

Petrol, gas and electricity subsidy to end: Shaukat Tarin


KARACHI: Finance Advisor, Shaukat Tarin has said that a decision for putting an end to the subsidy on petrol, gas and electricity has been taken.
Addressing a seminar on ‘IMF role in Pakistan economy’ under the aegis of Institute of Business Administration (IBA), the finance advisor said that the government was facing economic challenges.
He said that the current fiscal year revenue recoveries would amount to Rs1180bn, but yet the recoveries have been crucial problem for the govt and this was the reason that the prices of petroleum products were not reduced.
Shaukat Tarin said that serious notice has been taken of the FBR harassing consumers. He said that the focus for the next year would be to revive the economy after stabilization. He pointed out that attention would also be paid towards the revenue generation. He explained that the tax would not be increased and instead efforts would be made to expand the tax net. This would be carried out administratively and also on the policy basis.
He said that Pakistan’s three national enterprise—Pakistan Steel, Railway and PIA were cumulatively incurring losses of over Rs200 billion annually.
He said that relief would be given to the middle class in the upcoming budget, while the new National Financial Award (NFC) would be presented with the consensus of the four provinces.

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