These are difficult times brought upon us by recent years of economic mismanagement: PM Shehbaz

ISLAMABAD, June 10 (SABAH): Prime Minister Mian Muhammad Shehbaz Sharif has said that these are difficult times brought upon us by recent years of economic mismanagement. Through this budget, my government will steer our way out of these challenges by taking tough decisions while minimising impact on vulnerable segments of population.

In a series of tweets on Friday, PM Shehbaz Sharif said “Sharing my thoughts on how we aim to shield financially weaker citizens from economic hardships by having financially stronger people contribute more to national treasure through taxes”.

PM Shehbaz Sharif said that we have allocated billions of rupees for targeted subsidies. This amount is in addition to Rs. 344 billion allocated for BISP. Only deserving people to get the subsidy.

He said that mindful of the financial difficulties of the employees in public sector, the government has given a raise of 15% and merger of ad hoc allowance in their basic pay.

He said that the tax slabs have been revised. He said that those earning up to Rs. 1.2 million (12 lakh rupay) annually have been exempted from taxes. PM Shehbaz Sharif said that the government has decided to tax non-productive assets of the rich including 5% tax on purchase of second property and increase in tax on luxury cars.

He said that the government has reduced tax on import and distribution of solar panels to ZERO.

PM Shehbaz Sharif said that the government has increased funding for Benazir Income Support Program. Benazir scholarship program has been extended to ten million students, he said.

Meanwhile PM Shehbaz Sharif has congratulated Federal Minister for Finance Dr. Miftah Ismail and his entire team on the presentation of a balanced, progressive and pro-people budget. Making a budget in financially challenging times with so many constraints is no less than a Herculean task, PM said.