#budget2024 #shabbarzaidi #pakistaneconomy #saleemmandviwalla #khabar #MeherBukhari
Budget par Thappa Lagane kay bad dekhta Hoon ye Awam Main Kaise Kharay Hotay Hai" Shabbar Zaidi's Statement
Budget par Thappa Lagane kay bad dekhta Hoon ye Awam Main Kaise Kharay Hotay Hai" Shabbar Zaidi's Statement
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00:00Shabaz Zaidi, you are the chairman of FBR, you understand targets well sir.
00:05We have seen that year on year, if we look at our history, we see an increase of 20% in revenues and tax collection.
00:14This time, an ambitious budget has been set, 12,900 Arab Revenue Target for the next fiscal year.
00:19That means 3800 billion new taxation increase in the previous.
00:23Is this realistic for you? Is it achievable?
00:27Bismillah-ir-Rahman-ir-Rahim.
00:29Look, I can tell you candidly that I am very disappointed with this budget.
00:36And my friend Salim Mandviwala is sitting with me.
00:40I just want to tell him in short, that Shabaz Sharif took his World Bank traders and agriculturalists.
00:50And when you will publish this, then I will see how you stand in the public.
00:56Mr. Junaid Botiwala, my brother is sitting with me.
00:59Ask him that the exporter was given 1% off.
01:03You have told such a long story, Mr. Bukhari.
01:06You did not mention the biggest sector, that is the exporter.
01:10The tax of the exporter was 1% off.
01:12Yes sir, I did it yesterday, that's why I invited everyone today.
01:14Wherever it did not happen, then I would have been talking for 40 minutes.
01:17But you are right, there is a flashback.
01:19My intention is to say that we are talking so much.
01:23But we are not talking about the fundamental mistake we have made.
01:26You are telling me that the tax of the exporter was 1% off.
01:31You increased it to 39% or 55% if I am not a listed company.
01:37No sensible person in the world can accept this.
01:42If anyone in the world has a brain, even if he has two brains,
01:46then I know that you are increasing it from 1% of the turnover to 55%.
01:52I am the director of two big textile companies.
01:56And I have received this news in the newspaper.
01:59I have received it on TV.
02:01I had no clue what they were going to do.
02:04And today I am telling you this.
02:06Mr. Salim Mahdiwala is also sitting.
02:08And Mr. Zubair Motiwala is also sitting.
02:10I am telling my sources that I have so much power that I will get it back.
02:15And you understand who I will get it back from.
02:18Then you tell me, Mr. Salim, who is civilian Zubair Messi called?
02:24I am telling you this on record today.
02:27That it will be back.
02:29And all of them are sitting here and clapping.
02:31And they did not understand what you did with the exporter.
02:35And why did you do it?
02:37Now you go ahead.
02:39Secondly, explain to me,
02:41which country is it in which you are saying that there is no growth measure.
02:48And you are going to borrow 7,000 billion.
02:51And you are spending 17,000 billion.
02:54Non-productive.
02:56And you are fooling me that there will be no inflation in the country.
02:59I mean, the secondary school, the secondary class child also understands this.
03:06The third thing I want to say is that in 1992, Mr. Nawaz Sharif's government came.
03:12Aurangzeb is standing and saying that I am going to complete Mr. Nawaz Sharif's mission.
03:17From 1992 to 2018, there was a government of PMLN or the previous party.
03:23And Pakistan was destroyed in this era.
03:25So do you want to bring that mission again?
03:28In which world are you sitting?
03:30Do you think this is the first time you have come to the government?
03:33Was there no Nawaz Sharif's government from 1952 to 2018?
03:40I don't understand that you people are also presenting such long stories.
03:45You don't understand the basic things that they are saying.
03:49I can tell you with confidence.
03:51I am absolutely sure.
03:52I have dealt with Zubair Motiwala on 85 budgets.
03:56I have never seen a budget so unprepared and so far away from economics in my life.
04:09Generally, there are 200-250 pages in the budget document.
04:16There are a total of 123 pages in this.
04:18And they didn't understand what to do.
04:21Let's go to Mr. Mandiwala.
04:23Mr. Mandiwala, will you pass a budget so far away from economics and economics?
04:28Will you do it? Sir, inevitably.
04:30First of all, Mr. Shabbar is my old friend.
04:35He is also our colleague.
04:39We have worked together.
04:41First of all, I want to assure him that we are not going to put a stamp on any budget.
04:47And all the talks he has had, if he has seen the committee proceedings today,
04:53we have talked about what kind of budget he should bring.
04:58And there is nothing else in this budget except destruction.
05:03So one thing I want to assure Mr. Shabbar,
05:07that any such thing, export is one thing, right?
05:12And whatever talks he has had, I totally agree with him.
05:17These things need to be corrected.
05:20And God willing, we will correct it.
05:23Budget as it is, will not pass under any circumstances.
05:27Budget will be corrected.
05:29And all the corrections required...
05:32What are the sticking points, Mr. Mandiwala?
05:34Because you will get it passed.
05:36This will definitely happen.
05:39You know, I also know.
05:41But what are the sticking points that are non-negotiable for you?
05:44Budget has to be passed.
05:46Without that, the country will not move forward.
05:48If the budget is not passed, then you know, there will be a crisis in the country.
05:53I mean, another election possibly, sir.
05:55The government will get packing, but okay.
05:57No, I don't know if it will go that far.
06:00Because I understand that whatever Mr. Shabbar has said,
06:04has been discussed in the committee today.
06:07We will not allow export at all.
06:10That it should be damaged in any way.
06:13And it will be reversed on our committee, God willing.
06:18And this 1% regime will run, God willing.
06:21We will convince the government that there is no other way.
06:24If you put export in any other regime,
06:28then apart from the export effect, it will be completely damaged.
06:34Sir, but it is also better to finally bring these exporters into the tax net.
06:38We all complain together that a lot of these segments of society are not being taxed the way they should be.
06:43But that being said, because they already complain that we are not competitive in the international market.
06:49Given our tax tariffs, given the tax regime over here, given the electricity system here.
06:56I mean, they don't get a competitive edge.
07:00But do you believe, do you feel it will be reversed, as Mr. Zaidi is saying?
07:05I am saying that they are in the regime.
07:08It is not that they are out of the regime.
07:10The regime is made separate for them.
07:12And it is not only made by Pakistan, but every country has made it.
07:15To increase their exports.
07:17Sir, if I am not wrong, how much is their tax, 71 billion?
07:21Your salaried class is paying 300 billion tax.
07:23It is equal to not being in the tax regime, isn't it, sir?
07:26Look, all the people who work in the export business, they are also of the salaried class.
07:33They also pay tax.
07:35Look, don't look at it in isolation.
07:38Look at its overall tax.
07:40What is its contribution to your economy?
07:43When you analyze that, if you want to change this regime,
07:48and you want to change the regime without talking to the exporters,
07:53and the effects that will come from it,
07:56they are more damaging to the country than anything else.
07:59Sir, Mr. Zaidi, you are bringing the exporters from the presumptive tax regime to the normal tax regime.
08:06So you are looking at its pushback.
08:08Mr. Bukhari, listen to me.
08:10Salim is absolutely right.
08:12Exporters, Bangladesh is our competitor.
08:15In Bangladesh, 50% of export income is exempt.
08:19Earlier, it was 100%.
08:21Okay?
08:22The exporters in our country, you tell me,
08:25that you still have a section that if a person sends dollars from Dubai, it becomes white.
08:30It is still a law.
08:31Okay?
08:32And the person who is sending goods from Pakistan and bringing dollars,
08:36you are telling him that his tax is less than the salary or less than this.
08:40This is not that story.
08:41I am not saying this, Mr. Mehar.
08:43I am not saying this.
08:44I am saying that I had a dream that my rate will be 55% instead of 1%.
08:50If I am not a company,
08:53Mr. Zubair Motiwala will confirm that if I am not a company,
08:56then my rate will be 45% plus super tax will be 55%.
09:0155% tax is not in any society in the world.
09:05Okay, let's take Mr. Motiwala's input on this too.