PM shouldn't have spoken in public on issue of Europe: Shaukat Tarin
Shaukat Tarin said that he has no idea when oil prices would come down in the international market.
ISLAMABAD (Dunya News) – Minister for Finance Shaukat Tarin said on Wednesday Prime Minister Imran Khan took a stand on Russia-Ukraine conflict, however, he should not have spoken in public on the issue of Europe.
Addressing a press conference in Islamabad on Wednesday, he termed Europe and US as the biggest export market for Pakistan and said that national security cannot be held hostage to anyone.
The minister said that he has no idea when oil prices would come down in the international market.
Tarin said the government is providing a subsidy of one hundred and four billion rupees on petroleum products in order to provide relief to the people.
He said given soaring prices of petroleum products in the international market, we have reduced the petroleum levy and brought to zero the sales tax.
The minister went on to say that those using seven hundred units of electricity per month will be provided with subsidy of five rupees per unit for the next four months. For this, he said, we will have to give a subsidy of 136 billion rupees.
“Negotiations have been held with the IMF over this relief package announced by the Prime Minister,” he said and added IMF should not have objections on the package as we are meeting it from our own resources including enhancement in tax revenues. He said this will not increase our fiscal deficit.
Tarin further said the government has also given industrial relief package to promote industries in the country. He said the package envisages tax holiday for overseas Pakistanis and incentives for the turnaround of sick industries.
He said tax exemptions have also been given to the IT sector in order to significantly bolster its exports. He pointed out that the IT sector grew by forty seven percent last year and currently growing by seventy percent. He said we target one hundred percent growth in this sector during the next year.
Shaukat Tarin said our trade deficit has also come down.