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No scheme making black money white in future, says Tarin.

KARACHI, October 10, 2009 (Frontier Star): Federal Finance Minister Shaukat Tarin has said the government would not announce any scheme to make black money white in future and termed such schemes a slap on the face of taxpayers. Talking to reporters after attending a seminar on 'corruption in private sector, reasons and steps to eradicate it' under the auspices of Transparency International Pakistan here on Saturday, he made it clear that if we did not get aid under Kerry-Lugar Bill, then we would take more loans from the IMF. The aid Pakistan has received in the name of so-called war on terror is not hurdle in international aid, he added. According to him, Pakistan would receive last instalment of 521 million dollars from IMF before November 15th value added tax would be enforced from the next financial year, adding, the government or any other institution would give loans to Pakistan Steel Mills and it was need of the hour to make functional planning commission by abolishing advisory council. Tarin said if the Kerry-Lugar was cancelled, then the government might face budget deficit of 800 million dollars and for its completion the government would have to take more loans from the IMF. He said money is coming from external resources but spent on social sector and the cancellation of Kerry-Lugar Bill would affect the social sector, while more loan would be take from the IMF for completion of budget deficit or government expenditures would be reduced. The Minister said the aid under the Kerry-Lugar Bill should be spent in the terror affected areas, adding, planning commission should be constituted by abolishing advisory council and competent people should be preferred in it because it has very importance in the development of the country and it should be strengthened. In reply to a question, he said the government had to pay to PEPCO about 90 billion rupees under head of circular debt and 80 billion rupees among them have been paid, adding, talks are in progress with Islamic banks and the remaining 10 billion rupees would be paid within two days. In reply to a question regarding bailout package for Pakistan Steel Mills, he said no bailout package is being brought but it would have to brought on back. He said the petroleum development levy would increase tax rate by 1 percent after that tax rate would be increased from 8.8 percent to 9.8 in the net national productions. He said tax target for the coming financial year has been fixed 10.6 percent and would be increased to 15 percent by the next year. He appealed to overseas Pakistanis to send foreign exchange reserves through legal way, adding, 807 million dollars were brought to the country and increasing every year. Federal Board of Revenue Chairman Sohail Ahmad, Competitive Commission of Pakistan Chairman Khalid Mirza and others also spoke on the occasion.

(THROUGH ASIA PULSE)
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Publication:The Frontier Star (Northwest Frontier Province, Pakistan)
Date:Oct 10, 2009
Words:484
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