تُندی بادِ مُخالِف سے نہ گھبرا اے عُقاب
یہ تو چلتی ہے تُجھے اُنچا اُڑانے کے لِیے
(بہت سے لوگ اس شعر کو جناب علّامہ اقبال سے منسوب کرتے ہیں حالانکہ ایسا نہیں ہے۔ یہ شعر جناب سیّد صادق حسین صاحب کا ہے-)
In Denial: Finance Minister Ignores Economic Failures' Accountability
Despite alarming numbers, Pakistan's finance minister, Ishaq Dar, refused to accept blame for the weak economic performance of the preceding fiscal year. He emphasized his former experience in politics and attributed his failure to achieve a deal with the IMF to the opposition party. His lack of accountability and disregard for the economy of the government raises concerns about his eligibility for the job. His suitability for the position may depend on the next budget announcement.
Ishaq Dar, Pakistan's finance minister, declined to admit the failings of his administration and accept accountability for the dismal economic performance of the previous fiscal year. Dar defended himself by citing his prior employment in government despite worrying statistics showing unmet targets, a faltering economy, and excessive inflation. He disregarded the contributions of his predecessor and ascribed his failure to reach an agreement with the IMF to the actions of the opposition party. Dar showed a lack of accountability by avoiding self-evaluation and failing to confront the problems the nation was facing, in addition to failing to give a thorough evaluation of the government's economic performance. His obsession with the currency rate generated more questions about his aptitude for the position. Whether he is the best candidate for the position may be determined by the impending budget announcement.
The Budget 2023–24's main recommendations show a variety of policies. Positive aspects include the exemption of customs duties on the import of seeds for sowing, which aims to foster growth in the agricultural sector, and the fact that there are no new taxes or duty increases on necessities. The removal of the cap on the import of used and older automobiles, however, raises questions about the impact on the environment and traffic safety. Furthermore, the 5% tax on services rendered by restaurants, if payment is done electronically, may burden businesses and may reduce customer spending. Although the exclusion of contraceptives from sales tax is a step in the right direction toward improving reproductive health, foreign investments may be impacted by the higher withholding tax rate on payments made to non-residents. It is wonderful that money has been set aside for working journalists' health insurance, but it may be necessary to take more extensive action to meet the population's overall healthcare needs. Overall, a balanced and inclusive budget may be achieved by carefully examining some recommendations, even though some of them are good.
Key proposal of Budget 2023-24No increase in duties on import of essential items
No new taxes for the upcoming year
Exemption of customs duties on import of seeds for sowing to promote growth in the agricultural sector
Withdrawal of capping of the fixed duties and taxes on the import of old and used vehicles of Asian Makes above 1300CC
Services provided by restaurants including cafes, food (including ice cream), parlours, coffee houses, coffee shops, deras, food huts, eateries, resorts and similar cooked, prepared or ready-to-eat food service outlets etc are proposed to be taxed at 5pc if payment is made through debit or credit cards, mobile wallets or QR scanning
Grant of exemption of sales tax on contraceptives and accessories
Minimum wage proposed at Rs32,000; wages of government employees from Grades 1-16 and Grades 17-22 to be increased by 35pc and 30pc, respectively
Increase in withholding tax rate from 1pc to 5pc on payment to non-residents through debit/credit or prepaid cards
Exemption of customs duties on import of shrimps/prawns/juvenile for breeding in commercial fish farms and hatcheries
Rs1 billion allocated for health insurance of working journalists
https://www.dawn.com/news/1758817
