Petrol, mobile phones and cigarettes set to be more expensive in Pakistan following new budget unveiled by government Shehbaz Sharif, which former prime minister Imran Khan called ‘unimaginative’
Pakistan’s Shehbaz Sharif government presented the new budget on Friday after taking several desperate steps to smooth things over. In the new budget, aimed at taxing the wealthy, the government has doubled the tax on cars with an engine capacity of 1600cc or more, which will include sport utility vehicles and some sedans.
“Economic stability is our top priority…we must lay a solid foundation for economic development based on sustainable growth,” the minister said during the budget presentation.
According to reports, the national average electricity tariffs would increase by more than 20% as the allocation for electricity subsidies was reduced.
Fuel prices are set to soar again as the government proposed a petroleum tax of 750 billion rupees, more than five times the revised 135 billion rupee allocation for FY22, reported dawn.
Mobile phones and cigarettes are also expected to become more expensive as a result of budgetary provisions.
Former Prime Minister Imran Khan dismissed the “anti-people” and “anti-business” budget and said he was shelving all “progressive tax reforms” made during his tenure. “The budget is based on unrealistic assumptions about inflation (11.5%) and economic growth (5%). Today’s SPI of 24% indicates that inflation will be between 25/30% , which on the one hand will destroy the common man. And on the other hand on the other hand stunt economic growth due to high interest rates. All of our progressive tax reforms and pro-poor programs such as the card Sehat, Kamyab Pakistan are suspended. This is an unimaginative Purana Pakistan budget creating more burdens and misery for the nation,” Imran Khan tweeted.
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