Indian vs Pakistan: Relief in India Trouble in Pakistan, preparation to impose heavy tax on people facing inflation – india has given relief to taxpayers while pakistan is imposing news taxes on its people
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IMF loan is very important for Pakistan to avoid bankruptcy. The IMF delegation had come to Pakistan on a 10-day visit but returned to Washington without releasing the loan. Pakistan’s Finance Minister Ishaq Dar says that there has been a delay in getting the money to Pakistan due to routine procedures. Pakistan has accepted all the conditions of IMF to get this loan. In 2019, Pakistan signed a bailout package worth six billion dollars. A year later another billion dollars was added to it. The first installment of $1.1 billion is stuck since December.
How will 170 billion rupees be recovered
According to the terms of the IMF, Pakistan has to collect Rs 170 billion from new taxes in the country. The exchange rate of foreign currency will be decided according to the market. Due to this, the value of dollar is expected to go up further. From March 1 and April 1, the tax on diesel will be increased by Rs 5 per litre. Due to this, the price of petrol and diesel will increase further. Along with this, the subsidy on electricity will also be reduced. These measures are bound to increase the difficulties of the people in the days to come. Experts say that it is not a big deal for Pakistan to accept the conditions of the IMF. Since 1958, Pakistan has done this more than 20 times.
Pakistan Financial Crisis: After Allah, in the shelter of Ulema, Pakistan, Jinnah’s country will get relief from economic devastation?
In India, Union Finance Minister Nirmala Sitharaman presented the budget for the financial year 2023-24 on 1 February. This was the last full budget of the second term of the Modi government. In this, the Finance Minister announced major changes in the tax slab. He said that no tax will have to be paid till the annual income of up to seven lakh rupees. If standard deduction of Rs 50,000 is added, then it will be income tax free up to Rs 7.5 lakh. Along with this, tax relief has also been given to micro industries with a turnover of Rs 3 crore. Apart from this, several measures have also been taken to control inflation.
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