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ISLAMABAD: Finance Minister Shaukat Tarin has said the government is providing a subsidy of Rs104 billion on petroleum products in order to provide relief to the people.
Addressing a news conference in Islamabad on Wednesday, he said given soaring prices of petroleum products in the international market, we have reduced the petroleum levy and brought to zero the sales tax.
Shaukat Tarin said that those using seven hundred units of electricity per month will be provided with subsidy of five rupees per unit for the next four months. For this, he said, we will have to give a subsidy of 136 billion rupees.
The Finance Minister said negotiations have been held with the IMF over this relief package announced by the Prime Minister. He said the IMF should not have objections on the package as we are meeting it from our own resources including enhancement in tax revenues. He said this will not increase our fiscal deficit.
Shaukat Tarin said the government has also given industrial relief package to promote industries in the country. He said the package envisages tax holiday for overseas Pakistanis and incentives for the turnaround of sick industries.
The Finance Minister said tax exemptions have also been given to the IT sector in order to significantly bolster its exports. He pointed out that the IT sector grew by forty seven percent last year and currently growing by seventy percent. He said we target one hundred percent growth in this sector during the next year. Shaukat Tarin said trade deficit has also come down.