KP Finance advisor slams federal budget as "economic murder" for common people
PESHAWAR, June 13: Khyber Pakhtunkhwa Finance Advisor Muzamil Aslam has sharply criticized the federal budget, labeling it a "poison-killer" that will severely impact the lives and businesses of ordinary citizens.
Describing the budget as an "economic murder" for the common people, Aslam asserted that it predominantly reflects IMF directives rather than government priorities. While highlighting pension reforms adopted by the KP government, he expressed concern over the federal budget's detrimental impact on the salaried class, citing an increase in tax rates from 35% to 45% and changes in tax slabs.
Aslam noted reductions in real estate taxes and increases in capital gains taxes, attributing these adjustments to IMF pressure. He highlighted a significant rise in non-tax revenue to 3587 billion, predicting adverse effects across all sectors due to heightened taxation.
Despite a projected income of 9111 billion rupees after provincial payments, Aslam raised alarm over the disparity between government revenue and interest payments, citing a shortfall that renders interest payments unsustainable. He criticized the allocation of 593 billion rupees for the BISP program, expressing skepticism over its effectiveness.
Regarding inflation targets, Aslam contested the feasibility of achieving a 12% target, foreseeing further inflationary pressures. He also criticized the addition of a "late filer" category and warned against increasing petroleum levies, which would burden the public further.
While acknowledging salary increases as a relief, Aslam cautioned against their potential impact on provincial surpluses.
