Agriculture loan facility enhanced to Rs2250b
Ijaz Kakakhel Islamabad
Finance Minister Ishaq Dar during the budget speech said that remittances are an important component of foreign reserves, and their significance could be gauged from the fact that remittances are equal to 90% of our exports.
To encourage remittances from foreign channels, he said, the following subsidies will be given:
The 2% final tax on purchasing immovable property by expat Pakistanis through foreign remittances is being waived off.
In the category of Remittance Cards, a “Diamond Card” is being issued for those sending remittances more than $50,000 annually. For this category, One Non-Prohibited Bore License, Gratis Passport, and Preferential Access to Pakistani Embassies and Consulates, fast-track immigration facility at Pakistani airports will be given.
A scheme will be started to award gifts to remittance cardholders through lucky draws.
About agriculture development, the Finance Minister said that the federal government has increased the loans volume for the farmers from Rs1800 to Rs2250 billion.Rs50 billion has been allocated for shifting the 50,000 tube wells on solar panels. The government has abolished all taxes and customs duty on saplings customs duty.
Dar also announced to abolished all duties and taxes on the combine harvest. In the budget speech, the finance minister also announced to allocate Rs10 billion for the loans of smaller growers.
Farmers have pinned their hopes from the upcoming budget and demanded a pro-farmer budget from the federal and the Punjab government.
It is always said that if the farmer is happy, then the country becomes prosperous as farmers are directly linked the backbone of the economy—agriculture—which drives the economy.
The growers demanded from the government to give subsidy on fertilizers and sprays.
