Ministry of Finance announces public welfare measures in the budget

ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb, while speaking in the Senate meeting, said that the government has taken important measures for public welfare in the budget, including increasing foreign exchange reserves, reducing inflation, and increasing federal expenditure by only 1.9 percent, which is much lower than the previous 10–12 percent.

He said that the 18 percent sales tax previously imposed on imported solar panels was further reduced to 10 percent after promoting the local industry, and this new rate will be applicable only on imported parts (46 percent). He also hinted at action on suspicions of hoarding and said that the government is vigilant to safeguard public resources.