Tuesday, 26 March 2019, 09:37:37 pm
Inflation rate brought down from over 11pc to 4pc: Miftah
April 17, 2018

Adviser to Prime Minister on Finance Miftah Ismail says Pakistan has achieved major successes on economic front over the last five years.   

He was addressing a Round Table Conference titled "Pakistan Paradise for Investment" in Islamabad on Monday.

He said Pakistan's economy has the potential to grow by ten percent annually and if economic policies and reforms, introduced by the government in economic and taxation sectors, continued.

He said the country is going to achieve 5.8 percent GDP growth very close to the government's target of 6 percent during the year 2017-18.

Speaking about government's achievements during the last five years, the Adviser said that inflation has been brought down from over 11 percent to under 4 percent while energy crisis has largely been resolved.

He said we need to decrease cost of doing business to make the local industries competitive with the world market and to attract more Foreign Direct Investment as well.

Elaborating the economic reforms package announced by the Prime Minister, Miftah Ismail said the government has announced special taxation relief, especially for the salaried class which is the highest tax paying.

He said from next fiscal year the employees who would have sallies less than 100,000 rupees per month would be exempted from paying taxes. We raised the minimum threshold from 40'000 to 100,000 rupees.

Miftah Ismail says with the help of National Database Regulator Authority, Federal Board of Revenue will identify rich people and will bring them into tax net. Through NADRA we are connecting data of rich and will give their names to FBR to bring them into tax net.

He said the most fundamental reforms were taken in the Real Estate Sector and according to the new policy, no non-filer will be able to purchase any real estate property.

Later talking to media, Miftah Ismail said that the Prime Minister has specially advised him to announce special package for government employees and pensioners in the 2018-19 budget.

He said although the inflation rate was under five percent but the Government will give more relief to the employees and pensioners.