ISLAMABAD : The national assembly approved budget 2022-23 with an outlay of Rs 9500 billion on Wednesday . The first budget of Shahbaz Sharif led government is an International Monetary Fund (IMF ) recommended document as It has nothing to offer to 22O million people of Pakistan except to add unbearable burden of the new taxes. From individual to companies and businesses to international trade every segment has been over loaded with taxes. The strategy of prime minister Shahbaz Sharif and Finance minister ,Mr Miftah Ismail seems to accept every condition of IMF to make sure that the government gets loan from the fund under Extended Finance Facility (EFF). No matter how destructive the attached conditions of the fund prove for Pakistan and its economy in weeks and months to come . When Miftah Ismail was claiming in the national assembly on Wednesday that IMF has failed to impose its every.condition on Pakistan he looks as if he was either fool himself or he was befooling to the whole Pakistani nation. IMF had rejected the government budget scheme of granting relief to the people on income and on the fund’s demand, the government reversed the relief . Now every one having income of Rs 50 thousand per month and above will pay tax on income. Likewise , all groups will also pay huge tax on income . Large Scale Manufacurering (LSM) has been made liable to pay 10 % super tax on income . Other industry will pay 6 % tax across the board. Those individuals whose income per annum exceeds Rs 150 million and above will pay staggered tax . The budget scheme suggests the government want to treat income as a sin . The rich are made to pay unrealistic tax on income and industry would be liable to pay simple tax, duties , sales tax, income tax many other direct and indirect taxes but one must ask Mr Speedo and Mr Miftah to whom Ayaz Sadiq of PMLN called as a ‘Doku’ on the floor of the house who would be at the recieving end of these killing taxes?. Mr Speedo and Mr ‘Docait’ do know that these are the end consumers who will solely bear brunt of the new killing taxes, but they are posing as if the rich will absorb these new taxes themselves.
The federal budget also has another bad news for the people that to accept yet another IMF demand that it carries Rs 50 as levy to be imposed on the end buyers on petroleum products . The final budget also carries Rs 30000 levy on locally produced LNG .
Only car assemblers lobby got relief in Capital Value Tax (CVT) .
