PESHAWAR: Advisor to the KP Chief Minister on Finance, Muzzammil Aslam, has said that the development budget was slashed by Rs 300 billion to a record low of Rs 700 billion.
The CM advisor stated the country’s economy on Monday, saying that this year’s development budget was already the lowest in national history in terms of GDP ratio, and now it has been further reduced by Rs300 billion to Rs700 billion.
Muzzammil Aslam said that Pakistan’s total debt has increased by Rs. 35 trillion over the past four years, while federal development expenditures during this period remained below Rs. 4 trillion. He added that the public can easily gauge the country’s level of debt and development from these figures. “Even in such circumstances, the government continues to claim improvement in the economy,” he remarked, adding that under the current government, Pakistan’s development has become nothing more than a dream.
In a separate statement responding to Bilawal Bhutto Zardari’s tweet regarding the 27th Constitutional Amendment, Muzzammil Aslam said that there is a need for national consensus on such amendments with complete honesty and integrity. He emphasised that broad-based consultation is essential for the country’s progress. The KP Finance Adviser further stated that Khyber Pakhtunkhwa is completely unaware of the reconstitution of the NFC, and that a draft proposal is required for consultation.
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Advisor to the KP Chief Minister on Finance and Inter-Provincial Coordination, Muzzammil Aslam, stated that the stock market has a market capitalisation of $66 billion based on the current index (158,000). He added that in 2017, the stock market was valued at $100 billion when the index stood at 50,000. Those who bought shares in 2017 are still facing a 34% loss in dollar terms today.
Muzzammil Aslam further said that the government, formed through “Form 47”, claims that the economy is improving, while Pakistan is experiencing historic levels of poverty and unemployment. The Finance Advisor noted that even after seeing the World Bank’s poverty report, the authorities remain unaware, despite the fact that the World Bank’s report echoes what Chairman Imran Khan has been saying.
He said that Pakistan’s economic model is failing in relation to poverty, a point that Imran Khan has repeatedly emphasised. Aslam said one should consider how well Imran Khan understands the ground realities, and how ignorant the current government is.
Advisor to the KP Chief Minister on finance Muzzammil Aslam said that only one week is left in the deadline for filing tax returns, while millions have already submitted their tax returns. Now the FBR issued an SRO (Statutory Regulatory Order) requiring that the market value of assets also be declared. This has caused widespread concern across the country. Muzzammil Aslam said that, interestingly, those who have already filed returns will also have to make amendments.
Muzzammil Aslam further stated that people already avoid the tax system due to harassment and Pakistan’s globally high tax rates. While the Finance Minister has been promising for one and a half years to simplify the tax return process, the situation is going in the opposite direction. He said that many tax consultants have contacted him and expressed the same concern. He added that this move is illegal, and any changes made to a tax return form must be accompanied by at least 90 days for compliance. Will the tax return deadline be extended by 90 days?
