ISLAMABAD: The Federal Finance Minister, Rana Mohammad Hanif Khan, this evening [June 5] presented before the National Assembly an investment-oriented Rs 1,889 crore Budget for the year 1976-77 providing relief to almost all classes of taxpayers, incentives for private sector savings and investment and a plan for utilization of ‘blacl( money’. A salient feature of the measures to raise additional revenue is to encourage exports and limit imports. While several reliefs and incentives have been provided for export-oriented industries, an ad valorem surcharge of 10 per cent has been proposed on all imports other than machinery, petroleum products, tea and those items which are currently free of import duty. This measure will bring a substantial revenue of about Rs 94 crore and will also tend to reduce the quantum of imports.
The Finance Minister unfolded a plan for utilisation of ‘black money’ which, he said, was still floating evading tax. He gave a final opportunity to the owners of such money to declare their concealed income by August 31 and to pay tax at a flat rate of 30 per cent.
After payment of this tax, he announced the amount can be taken on the bool(s as legitimate income. Islamabad Bureau