Economist Dr Asad Saeed has said the federal budget 2012-13 is balanced keeping in view the ongoing situation and international aid stoppage.
Talking to Radio Pakistan, Dr Asad Saeed said the circular debt will be cleared this year. He said some funds were allocated for the subsidy to the power sector but the expenditure was more than the allocated amount.
He said the circular debt builds up because the cost of power generation is more than the income earned through power tariff. He said the subsidy will be more than the allocated funds for the purpose. He said the system of taxation had been made easier by reducing the number of slabs. He went on to say that the major initiative should have been taken by imposing RGST but it could not be levied due to PML-N and MQM as both the parties launched movement against it but a future government will have to introduce RGST.
Dr Asad said agricultural taxation is the provincial matter and it is the responsibility of the provinces to collect revenue through it. He said on the one hand provinces want autonomy but on the other they want to hand over the collection of agricultural tax to the federal government.
He said to make the agricultural tax a federal tax constitutional amendment is required.
Mehmood says economic growth must for survival: A renowned economist Dr Zafar Mehmood Nasir has said the budget targets could bring good results if they are implemented in letter and spirit.
Talking to a private news channel, Dr Nasir said so far as the document is concerned it is an efficient budget. He said that if Pakistan did not accelerate its growth our survival will become difficult.
Bilour lauds allocations for Railways: Federal Minister for Railways Haji Ghulam Ahmed Bilour has lauded the allocations Rs 23 billion for railways in the budget 2012-13.
Talking to APP, he said: “Allocation of Rs 23 billion in the budget 2012-13 for railways would help overcome crisis of the organization.” He termed budget 2012-13 as people-friendly, adding that facilities have been ensured in the budget to overcome poverty and energy crises. He said sufficient amount has been allocated for development projects to make life of common man easier and respectable. “The democratic government, despite financial constraints, has increased the salaries of government employees by 20 percent which reflected that the government is aware of the difficulties being faced by the masses.
MQM wants all sources of income be taxed: Member National Assembly and leaser Mutahida Quami Movement (MQM) Abdul Qadir Khanzada has said MQM wanted that all sources of income including the agriculture income should be taxed.
Talking to Radio Pakistan, Khanzada said the revenue target will not be achieved if the tax on the income of big landlords is not imposed. He said more funds will have to be allocated to overcome the energy crisis in the country, adding, agricultural tax could also be collected by the government. He maintained that big landlords and agriculturalists are benefiting from the subsidy given on wheat in the agricultural sector and poor and small and subsistence land holders are being deprived.
Qadir said democracy is not a fragile thread, which will break due to the opposition’s protest but opposition should protest keeping in view the limits and decorum of the parliament, which they have not observed.
