(11 May, 2018)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Friday said that tax free budget of Rupees 1144 Billion has been presented by the provincial government with approved budget for the first quarter of the FY 19, for which Chief Minister Sindh deserves congratulations.
The veteran business leader while talking to the business community said that Rs. 7.3 Bn allocated for ongoing development projects of Karachi and Rs. 5 Bn for Karachi mass transit project is just a mere and cannot suffice the City’s need. Considering the economic importance of Karachi, it should have at least Rupees 30 Bn; it needs reconsideration.
Mian Zahid Hussain said allocating just 25 crore rupees for renovation of Karachi Fish Harbour cannot bring desired results. Estimated revenue collection for the Fiscal Year 2018-19 is Rs. 923 billion in which the province will contribute up to Rs. 223 Bn while the rest will be paid by Federal Government. Expenditure is estimated by Rs. 1117 Bn extending the tax deficit to Rs. 175 Bn, which worth consideration and supporting measures.
The former minister said that target for agriculture tax collected during the current year was Rs. 1 Bn, while for upcoming fiscal year, the target is set to be Rs. 2 Bn. Property tax target for the coming fiscal year is Rs. 7.68 Bn but it is worth stating that the current year target of Rs. 6.3 Bn could not achieved. If the targeted 714 development schemes get completed in the current year, it would be a miracle.
Rs. 105 Bn has allocated for security, for education the budget has set to be Rs. 24.39 Billion while Rs. 72 Billion is allocated for the local government cannot meet the requirements of the province. The total estimated cost of K-4 is Rs. 25.5 billion for which a mere Rs. 4.26 billion is allocated in the provincial budget, which is too low considering the importance of project. Budget for sanitation and water supply is increased from Rs. 7.9 billion to Rs. 14.1 Billion, which is appreciated.