Govt to take guidance from SC on issue of GIDC: Hafeez Sheikh

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Govt to take guidance from SC on issue of GIDC: Hafeez Sheikh

ISLAMABAD: Finance Advisor Hafeez Sheikh on Wednesday said government is leaving matter of Gas Infrastructure Development Cess (GIDC) to Supreme Court is to ensure transparency.
Addressing a press conference along with other federal ministers, he said economy was in danger when PTI took charge of government and economic team of PM Imran Khan is trying to improve economic situation of the country.
Hafeez Sheikh said exports increased during current year and further improvement is underway. He said imports have been reduces from $5billion to $4 billion. He said current account deficit has been reduced by 73 percent.
He said revenue collection in two months of fiscal year clocked at Rs 580 billion while revenue collection in same period last year was at Rs 509 billion.
He said for the first time military budget was locked and Rs 150 billion were issued for tribal areas. He said 27% increase in numbers of tax payers is witnessed and current tally stands at 2.5 million. Government quickly releasing tax refunds upto rupees one lac pending since 2015 and exporters refund would be released on speedily basis .Government formulated new methodology to release refunds on faster basis. New tax refund has been in vogue from August 30.
He said agriculture development which remained negative in last five years is expected to grow by 3% in current fiscal year. He said ECNEC approved Rs250 billions for agriculture projects.
He said benefit of reduced oil prices in international market was given to public.
He said government expecting increase of Rs 800 billion in non-tax revenue in FY20, adding that government is expecting positive outcome from provinces in this regard.

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