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Karachi (Press Release, June 13) – PTI Sindh’s Finance Secretary, Muhammad Rizwan Niazi, has labeled the Federal Budget 2024-25 as a “lethal anti-people budget.” Speaking to media representatives, Niazi condemned the budget as not only an economic assassination of the public but also an attack on the everyday life of the common man.
Niazi asserted that the budget, formulated in accordance with IMF’s demands, would usher in a storm of inflation upon the populace. He warned that the additional tax burden accompanying the proposed salary increases for government employees would equate to their economic execution. The tax rate hike from 35 to 45 percent and changes in tax slabs were cited as measures that would strangle the salaried class. With an inflation rate of 12 percent, the proposed 22 to 25 percent salary increase for government employees was deemed incomprehensible.
Highlighting discrepancies in economic projections, Niazi pointed out that the government has set a 3.6 percent growth target for the next fiscal year, whereas the World Bank estimates growth to be no more than 2.4 percent. He accused the government of misleading the public with inflated figures and declared the 12 percent inflation target as unrealistic and unattainable. The new taxes, he claimed, would devastate the economy and destroy businesses.
Niazi also criticized the government for raising the tax target by 48 percent to 12,970 billion rupees under IMF’s direction, calling it a draconian move. He noted that non-tax revenue, a significant source of inflation, was increased to 3,587 billion rupees. The removal of tax exemptions for exporters would severely impact national exports.
Furthermore, Niazi warned that the tax hike in the real estate sector would spread panic in the market. For the first time, a 15 percent tax on the real estate sector and a 45 percent tax for non-filers from the lower-income group were introduced, which he described as oppressive measures.
He also criticized the allocation for the agriculture package, noting that only 5 billion rupees were set aside against Shehbaz Sharif’s claim of 1,800 billion rupees, which he argued would devastate the agricultural sector.
In conclusion, Niazi categorically rejected the federal budget, branding it as IMF’s budget and an anti-people budget. He accused the government of neglecting the public’s welfare and asserted that the budget offered nothing for the common man.
Released by Media Cell PTI Sindh
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