30.8 C
Perth
October 19, 2019
Business Latest Pakistan

Economy moving towards stabilization: Hammad Azhar

ISLAMABAD: Minister of State for Revenue Hammad Azhar on Tuesday said the country’s economy was inching towards stabilization.

He said that the supplementary budget was a new beginning to generate economic activities in the country which will set the stage for further measures for ease of doing business.

Responding a call attention notice in the Senate minister said the business sector had appreciated the supplementary budget.

He added that the government would reverse the measures stifling the business sector and steps would be taken for promotion of agriculture and business sectors, he added.

Hammad Azhar said revenue shortfall could not cause a slowdown in the economy.

The shortfall in tax collection was of Rs162 billion and is one of the cause was that when the government came the oil was selling in the international market at $ 70 per barrel which later went up to $85 per barrel.

He said in view of the oil prices, the PTI government reduced the sales tax from 17 percent to 2.5 percent and then the Brent crude came down to $ 52 per barrel and the sales tax was again hiked to 17 percent. The government bore the burden of Rs. 60-70 billion because of fluctuation in the oil prices.