Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Govt decides to involve provinces in budget making
04-08-2011, 01:06 PM
Post: #1
Govt decides to involve provinces in budget making
* Economic Advisory Council decides to include income based tax on agriculture in budget proposals

ISLAMABAD: Economic Advisory Council (EAC), the highest economic consultative forum of the federal government, here on Thursday decided to include all four provinces in the federal budget-making process in order to broaden ownership of the economic decisions.

A meeting of the EAC, which was held under the chairmanship of Minister for Finance and Revenue, Dr Abdul Hafeez Shaikh, also decided that meetings of the EAC would also be held in all four provincial capitals of the country.

Instead of existing land based agriculture income tax, EAC decided that a proposal for income based tax on agriculture sector would be finalised and included in the budget proposals 2011-12.

While fully supporting the imposition of reformed general sales tax (RGST) on goods and services, economic experts say that every income group should be taxed and EAC decided that a formal proposal on imposing tax on agriculture income be prepared and presented in the next meeting of the council.

Official sources informed that EAC discussed important proposals, including creation of a holding company of a transitional nature to undertake restructuring of the eight loss making public sector entities (PSEs).

The holding company is to be led by a credible independent board of directors free from political intervention.

Keeping in view the enhanced role of provinces in the economy following the NFC Award and the introduction of the 18th Amendment, EAC was advised to also include provinces in the federal budget making process and ensure greater involvement of the provincial governments in the economic policy making.

EAC also recommended to the government to undertake economic reforms, especially tax reforms, as the country needs more revenues to meet its obligations of development.

It was decided that national austerity plan would be upgraded and placed before the prime minister for formal approval so that available financial resources could be utlised in a disciplined manner.

It was decided that Planning Commission (PC) would draw up a framework to operationalise the conceptual framework of growth strategy for EAC and subsequent implementation by government.

The meeting also discussed revenue efforts of the federal government and members of the committee were of the view that despite imposition of Rs 53 billion new taxes, revenue target of the federal government would not be met.

EAC was of the view that although the FBR was faced with huge shortfall in revenues no further tax should be imposed during the ongoing fiscal year.

EAC was informed that new economic growth strategy would enable the government to present growth-oriented budget that would help create new jobs in the private sector and in the long run it would have a positive impact on employment and reduction in poverty. The finance minister highly appreciated the valuable contribution of all the EAC members, especially Dr Hafeez A Pasha and Shaukat Tarin. He assured all-out support to the EAC for its future work.
Visit this user's website Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  Hamza Committee decides to divert Rs66 billion to new projects Salman 0 2,673 03-06-2014 12:00 PM
Last Post: Salman
  CDA decides action against Tarnol, Golra encroachers Salman 0 3,682 12-18-2013 07:16 PM
Last Post: Salman
  Lahore Ring Road Project-Southern Loop Budget Allocated By Punjab Govt Salman 0 10,044 10-30-2013 01:32 PM
Last Post: Salman
  Punjab Govt Decides to Solve Disputed Land Issue With DHA Lahore Salman 0 5,723 07-11-2013 12:03 AM
Last Post: Salman
  Punjab govt to allocate Rs 200bn development budget Salman 0 3,368 05-02-2013 11:33 AM
Last Post: Salman
  CDA decides to expand IJP Road to eight lanes Salman 0 2,577 04-22-2013 01:40 PM
Last Post: Salman
  CDA decides to develop infrastructure in three sectors Salman 0 3,849 02-21-2013 03:21 PM
Last Post: Salman
  CDA decides to get 700 flats vacated from cops Salman 0 2,266 02-20-2013 05:18 PM
Last Post: Salman
  CDA decides to auction G-13 toll plaza Salman 0 2,950 10-11-2012 11:43 AM
Last Post: Salman
  CDA decides to launch C-15, 16 Salman 0 2,956 09-29-2012 02:45 PM
Last Post: Salman
  Gwadar: PSA Decides to Quit LRE 1 2,690 06-12-2012 07:21 PM
Last Post: LRE
  New transport culture in the making: CM Salman 0 2,609 05-21-2012 01:02 PM
Last Post: Salman
  Govt decides to construct flats for Federal officers in Sector I-12 Salman 0 3,570 05-10-2012 12:29 PM
Last Post: Salman
  CDA decides to open 10 new sectors Salman 0 6,547 05-08-2012 03:11 PM
Last Post: Salman
  Roads forge harmony among provinces: NHA chairman Salman 0 2,961 04-25-2012 12:39 PM
Last Post: Salman
  Govt making efforts to generate cheaper electricity: Qamar Salman 0 3,026 03-20-2012 12:32 PM
Last Post: Salman
  Housing Ministry making efforts to retrieve grabbed land’ Salman 0 2,998 03-09-2012 12:17 PM
Last Post: Salman
  64 years later, govt decides to salvage the Walled City Salman 0 2,669 03-09-2012 12:07 PM
Last Post: Salman
  CDA finally decides to start work on Park Enclave from 16th Lahore_Real_Estate 0 2,674 02-01-2012 01:24 PM
Last Post: Lahore_Real_Estate
  Pakistan decides to take Nimoo-Bazgo project to ICA Lahore_Real_Estate 0 2,260 12-03-2011 12:53 PM
Last Post: Lahore_Real_Estate

Forum Jump:


User(s) browsing this thread: 1 Guest(s)