On Thursday, in his speech in National Assemble Asad Umer a PTI leader asked to reconsider the taxes imposed on sugar and cooking oil in the federal budget.
Asad Umer acknowledged the arrival of federal budget on 1st July and said that it was a budget for difficult times. He also praised the team who made it. He said that many problems are faced by the economy and in the past three months 70 per cent of the account deficit of $2.035 billion a month was reduced before he resigned. He said that budget presented on 11th July had increased taxes. He recommended that new investments should be excluded from this for five year minimum. He also suggested restoration of balancing, modernisation, rehabilitation and expansion (BMRE) tax credit.
He then said that taxes on sugar and cooking oil are not suitable as their prices are already increasing and also it should be investigated why their prices are increasing. He further asked to review the federal excise duty (FED) on small cars as the middle income families are already going through difficult times. He said he was happy with State Bank of Pakistan’s governor that free float should not exist in Pakistan. As the electricity prices increased last year so IMF wanted them to be increased this year too and that also up to 50 per cent. That will make the National Electric Power Regulatory Authority (Nepra) valuation increase up to approximately 15pc from 11pc.
He told the house that IMF wanted to collect the debt on PML-N’s government and he also suggested Employees’ Old-Age Benefits Institution (EOBI) pension to be increased from 10 to 15 per cent.