Saifullah Sani
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Federal Minister for Finance Senator Muhammad Ishaq Dar on Saturday said the National Tax Number (NTN) would be abolished on July 1, 2015 and Computerised National Identity Cards (CNICs) would be used for all tax purposes and the filing of returns; however, the NTN system would remain intact for companies.
Addressing a news conference here, the minister also hinted at a possible hike in the budget deficit target beyond the envisaged limit of 4.9 percent of GDP, saying that the government would provide all resources for defence requirements and the implementation of the National Action Plan (NAP) to eliminate terrorism.
In the first six months, Dar said the budget deficit stood at 2.3 percent of GDP but it may surpass the desired limit because of extraordinary expenditures on security during the second half of the current fiscal year.
Sharing firm-up figures before kick-starting formal policy-level talks with the IMF in Dubai from Monday, Dar said the country’s exports fetched $12.22 billion in the first six months (July-Dec) of the current fiscal against $12.46 billion, registering a negative growth of 1.93 percent.
Imports stood at $22.02 billion in the six months of the ongoing fiscal against $21.16 billion, indicating an increase of 4 percent.
The overall trade deficit surged by 12.69 percent as it went up to $9.8 billion in six months of the current financial year compared to $8.7 billion in the same period of the last fiscal year.
Remittances from abroad, he said, rose to $8.98 billion in the July-Dec period of the ongoing fiscal year against $7.79 billion in the same period of last year, registering growth of 15.26 percent.
Inflation in the first six months, he said, had nosedived to 6.1 percent in the current fiscal year compared to 8.9 percent in the same period in the last financial year.
He said the government had released Rs184.7 billion for undertaking development projects under the Public Sector Development Program (PSDP) till January 23, 2015.
Answering a question about seeking help from Reham Khan to convince her husband and PTI chief Imran Khan to agree to the establishment of a judicial commission to probe the alleged rigging in the 20103 general elections, the minister said the national economy should not be dragged into politics.
He offered all political parties to sign a Charter of Economy after agreeing to the constitution of the National Action Plan (NAP) to eliminate terrorism.
“We are still waiting for the PTI response for the formation of a judicial commission, as the weaknesses of the system cannot become a cause for rigging elections. The PTI will have to accept the wording ‘conspiracy or design or planned’ in the mandate of the judicial commission,” Dar said.
Flanked by the Advisor to the Finance Ministry, Rana Assad Amin, Dar said the government would accept the mediation role offered by the Opposition Leader Syed Khurshid Shah.
“The PM is ready to issue an ordinance for the formation of a judicial commission if the PTI agrees to insert the words ‘conspiracy or design or planned’ in the mandate of the judicial commission to probe the alleged rigging,” he added.
Answering a question about seeking help from Reham Khan, the minister said if she convinced Imran Khan then the issue of establishing a judicial commission could be resolved in half an hour.
“I request all political leaders and the media not to politicise economic issues,” he added.
Refuting Imran’s allegations of embezzling Rs300 billion through the petrol crisis, the minister said the government was not the only source of selling petrol, as oil marketing companies also imported oil.
He said the taxes collected on petroleum products and other taxes become part of the Federal Divisible Pool (FDP) through which the shares of resources were distributed among the provinces in the shape of the NFC Award.
“Why have the PTI leaders who know about the economy not properly briefed Imran Khan,” he questioned.
CNIC number to be NTN from July 1: Dar - thenews.com.pk
Addressing a news conference here, the minister also hinted at a possible hike in the budget deficit target beyond the envisaged limit of 4.9 percent of GDP, saying that the government would provide all resources for defence requirements and the implementation of the National Action Plan (NAP) to eliminate terrorism.
In the first six months, Dar said the budget deficit stood at 2.3 percent of GDP but it may surpass the desired limit because of extraordinary expenditures on security during the second half of the current fiscal year.
Sharing firm-up figures before kick-starting formal policy-level talks with the IMF in Dubai from Monday, Dar said the country’s exports fetched $12.22 billion in the first six months (July-Dec) of the current fiscal against $12.46 billion, registering a negative growth of 1.93 percent.
Imports stood at $22.02 billion in the six months of the ongoing fiscal against $21.16 billion, indicating an increase of 4 percent.
The overall trade deficit surged by 12.69 percent as it went up to $9.8 billion in six months of the current financial year compared to $8.7 billion in the same period of the last fiscal year.
Remittances from abroad, he said, rose to $8.98 billion in the July-Dec period of the ongoing fiscal year against $7.79 billion in the same period of last year, registering growth of 15.26 percent.
Inflation in the first six months, he said, had nosedived to 6.1 percent in the current fiscal year compared to 8.9 percent in the same period in the last financial year.
He said the government had released Rs184.7 billion for undertaking development projects under the Public Sector Development Program (PSDP) till January 23, 2015.
Answering a question about seeking help from Reham Khan to convince her husband and PTI chief Imran Khan to agree to the establishment of a judicial commission to probe the alleged rigging in the 20103 general elections, the minister said the national economy should not be dragged into politics.
He offered all political parties to sign a Charter of Economy after agreeing to the constitution of the National Action Plan (NAP) to eliminate terrorism.
“We are still waiting for the PTI response for the formation of a judicial commission, as the weaknesses of the system cannot become a cause for rigging elections. The PTI will have to accept the wording ‘conspiracy or design or planned’ in the mandate of the judicial commission,” Dar said.
Flanked by the Advisor to the Finance Ministry, Rana Assad Amin, Dar said the government would accept the mediation role offered by the Opposition Leader Syed Khurshid Shah.
“The PM is ready to issue an ordinance for the formation of a judicial commission if the PTI agrees to insert the words ‘conspiracy or design or planned’ in the mandate of the judicial commission to probe the alleged rigging,” he added.
Answering a question about seeking help from Reham Khan, the minister said if she convinced Imran Khan then the issue of establishing a judicial commission could be resolved in half an hour.
“I request all political leaders and the media not to politicise economic issues,” he added.
Refuting Imran’s allegations of embezzling Rs300 billion through the petrol crisis, the minister said the government was not the only source of selling petrol, as oil marketing companies also imported oil.
He said the taxes collected on petroleum products and other taxes become part of the Federal Divisible Pool (FDP) through which the shares of resources were distributed among the provinces in the shape of the NFC Award.
“Why have the PTI leaders who know about the economy not properly briefed Imran Khan,” he questioned.
CNIC number to be NTN from July 1: Dar - thenews.com.pk
