KARACHI: For the third year in succession Mr Ghulam Mohammad, Pakistan`s financial wizard, announced a surplus when he presented before the Parliament yesterday afternoon [March 13] his Budget for the year 195051 this time with no important new taxation except the enforcement of the Estate Duty Act... .
Although the nominal surplus of Rs 10 lakhs has been effected by enhancing the existing taxation on certain luxury articles, to the extent of Rs 2 crores, the Budget has provided for ... relief in respect of Super-tax and Capital Gains Tax, besides taxes on several principal food articles. Import duty on certain commodities in short supply has been abolished and on ... Others ... reduced. Sales Tax ...
continues to be administered by the Centre for another two years but the exemption list has ... been extended... .
A comparison of the Budget estimates for the year 1949-50 discloses unexpected disparities. While the revenue from customs was under-estimated to the extent of Rs 4 crores, the revenue from Railways which was expected to result in a deficit of Rs 81,64,000 ... turned out to be a surplus of Rs 3,00,00,000.
