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Although, majority of the budgetary proposals presented by the Finance Minister Shaukat Aziz in the Federal Budget 2002-2003 were identical to the usual budget making exercise, yet some of the aspects were really appreciable and are likely to set new trends in our economy, if the soul of the purpose was not injured by the powerful lobby of the vested interests.
The most significant aspect of the budget is the introduction of the new Income Tax Ordinance with effect from July 01, 2002, and is being described as the major departure from its predecessors. The Ordinance aims at enabling the taxpayer to play a decisive role in promoting a tax culture in Pakistan.

 


THE STATE OF ECONOMY
Pakistan's economy has emerged stronger despite September 11 incident and subsequent events in the region. Thanks to the growth achieved in agriculture sector, despite drought, and better performance of large scale manufacturing sector. However, inability to increase revenue collection will keep the GoP under pressure.


THE NEW FINANCIAL SYSTEM
After achieving successful implementation of first phase of structural reforms, the central bank is getting ready to commence the second phase. However, these efforts are to involve all the stakeholders in preparing the new set of measures to ensure their smooth and swift implementation.


 

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