ISLAMABAD, June 12 (APP): Advisor to Prime minister on Finance, Revenue and economic affairs Abdul Hafiz Sheikh here on Wednesday said that PTI government has presented its first budget in challenging circumstances and tried hard to overcome the situation through committed efforts.
He said that government inherited huge foreign loans but didn’t have enough dollars to pay these loans. In budget government has tried to keep the external deficit in manageable limit and trying to balance expenditures and earning to stabilize the Pakistan’s economy.
He added that through government austerity policy reduced its expenditures of civil government and will further reduce its expenditures in larger interest of country.
He said that Pakistan armed forces also given a positive massage by not taking increase which shows that we all are committed for economic stability and development of the country.
He said that beside all these issues and difficulties government didn’t reduce its expenditures on social safety schemes and on the other hand almost doubled the budget allocations of social security schemes.
He said that incumbent government is committed at protecting vulnerable segment of society and given relief to them in electricity charges and also initiates various schemes to benefit people at grass root level.
The adviser further said that government also focused to remote areas including FATA for development of those areas.
He said that the whole system of recognizing a non filer as a legal entity has been done away with in the new Finance Bill and now every person earning taxable income and purchasing cars etc are ought to file their Income Tax Returns.
He added that In case of failure of filing of Returns by persons involved in significant monetary transactions, a complete mechanism has been provided.