Business

Fixed sales tax on retailers in electricity bills withdrawn

Written by The Frontier Post

F.P. Report

ISLAMABAD: Finance Minister Miftah Ismail said Friday while addressing industrialists at Pakistan Stock Exchange (PSX) that fixed tax on retailers in electricity bills had been withdrawn for the moment, adding a new action plan would be made after further consultations on the tax issue.

Miftah Ismail denied the role of banks in the fluctuation of the value of dollar, stating that due to the decrease in global payments and dollar inflows in the market, the pressure on the rupee increased.

Miftah Ismail said, “In our previous era, the annual budget deficit was Rs1,600 billion which reached the level of Rs3,500 billion in the last four years. Efforts are being made to keep the import bill low for the next six months.”

The finance minister further said that tough decisions were taken to save the economy from default. “The fruits of our tough decisions have started to come. Things will get better soon,” he stated.

PSX Chairperson Shamshad Akhtar, SECP Chairman Aamir Khan and presidents of banks attended the event addressed by the finance minister.

Miftah Ismail also started the business at the PSX by ringing the bell in a traditional way.

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