*ISLAMABAD – Prime Minister Finance Advisor Hafeez Shaikh reveals biggesteconomic success of PTI government in FY 2019-20.*
*Reduction in Fiscal deficit, Increased Tax collection and control overexpenses have been highlighted.*
*Adviser to PM on Finance Hafeez Sheikh said on Wednesday that thegovernment collected taxes worth Rs580 billion, instead of Rs509 billion inthe first two months of fiscal year 2019-20.*
The finance adviser said so while speaking at a press conference inIslamabad together with members of the government’s economic team. He saidefforts are ongoing for improving the economic situation of the country.
“When we came into power, the country’s foreign debts were more thanRs30,000 billion,” Sheikh noted. He said no new tax was imposed onexporters in the budget, rather they were given concessions.
The PM’s adviser said the government arranged resources for this from theWorld Bank and other financial institutions.
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“Government expenditures were reduced by Rs50 billion, whereas defencespending was frozen,” he explained, adding that the advantages of thesemeasures would be seen now.
Sheikh said the exports of the country grew by $2.23 billion in July, whilethe imports also decreased.
“The current account deficit decreased by 73%,” he said. “The governmentcollected Rs580 billion tax in the first two months, instead of Rs509billion.”
The finance adviser said that tax receivables increased by 24% in the firsttwo months of the current fiscal year. “Sales tax collection grew by 43%,while in-land taxes recorded an increase of 39%.”
